2026 (2) TMI 639

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....Dass (Addl. CIT) - Ld. Sr. DR ORDER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. Aforesaid appeal by assessee for Assessment Year (AY) 2016- 17 arises out of an order of learned Commissioner of Income Tax (Appeals), NFAC dated 03-11-2023 in the matter of an assessment framed by Ld. AO u/s 143(3) on 21-12-2018. Though the assessee has raised multiple grounds of appeal, however the only grou....

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....019 has reduced profit rate of 2% to 1.25%. Therefore, taking the same view, we direct Ld. AO to estimate profit rate of 1.25% on sale of material. The estimation of 6% on gross contract receipts is correct. The corresponding grounds stands partly allowed. 4. So far as the unsecured loan of Rs. 8 Lacs is concerned, Ld. AR has placed on record copy of bank statement of Shri Puran Singh. The peru....