2012 (8) TMI 1247

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.... Respondent : Shri. S.C. Mohanty, DR ORDER Shri K.K. Gupta, Accountant Member. This appeal by the assessee agitates the order of the learned CIT(A) confirming the estimation of income of the assessee being a transport contractor at 5.06% as against declared by the assessee at 2.6%. 2. The brief facts as have been brought on record are that the assessee is a transport contractor and sta....

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....ch higher than the declared profit in the audited accounts by the assessee @ 1 .64%. 3. Aggrieved the assessee appealed before the first appellate authority. Before the learned CIT(A) during the course of hearing it was argued that estimating the net profit @ 5.06% is much higher when ITAT Cuttack Bench has adopted the estimated profit in similar cases @ 3%. The copy of order of ITAT in the cas....

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....st first year of its business. It had no lorry of its own and had to procure lorry on hire from the open market. This had resulted low profit. It is not known whether the other assessee possess own lorry and what element of transport expenses were incurred. It is not fair to compare both the cases in the same yardstick just because both do the transport business. Besides the place of operation is ....

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....mating the profit. 5. The learned DR supported the orders of the authorities below for his part of submissions. 6. We have heard the rival contentions and perused the impugned orders of the authorities below and the material available on record. The learned Counsel for the assessee relied on the decision of this Bench of ITAT in the case of M/s. Bhukta Transport v. Income-tax Officer (supra)....