2018 (7) TMI 2384

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.... ORDER Per Laliet Kumar, J.M.: The present appeal is filed by the assessee, feeling aggrieved by the order passed by the ld. CIT(A) on 30.11.2017 for the assessment year 2014-15 on the following grounds : "1. Because the Ld. CIT(A) was not justified in confirming estimation of the net profit @0.20% of the gross receipts. 2. Because the learned CIT(Appeals) has erred in con....

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....e, the net profit comes to 0.23% for the year. But the turnover for this is higher therefore, rate of 0.23% is on the higher side. Considering all the above facts in view net the assessment is completed by applying net profit rate of 0.20% after rejecting the books of accounts u/s. 145(3). Therefore, net profit of the assessee is computed at 0.20% of total turnover of Rs. 1,47,30,75,645/- which co....

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.... the outset, it was submitted that the Assessing Officer has estimated the income by applying net profit rate of 0.20% after rejecting the books of account. It was submitted that in preceding assessment year, the net profit was 0.23% and 0.17% in respect of Mr. Sahid Quereshi and Mohd. Haneef respectively. It was submitted that the net profit of the assessee should be estimated at 0.17% instead of....

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....eliance by the Assessing Officer on the net profit rate of the earlier assessment year was incorrect. 7. We have heard the rival contentions of both the parties and perused the record. The finding recorded by the lower authorities is based on the net profit rate for the assessment year 2013-14 where the net profit rate applied was 0.23%. In the present case, as noticed hereinabove, the Assessin....