2014 (11) TMI 1305

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.... the Assessee : S/Shri S.K Poddar & M.K. Choudhary, ld. Ars. For the Respondent : Shri Choudhary Oram, JCIT/ld. DR. ORDER Shri B.R. Baskaran, Accountant Member : The cross appeals filed by the parties and cross objection filed by the assessee are directed against the order dated 29-11-2013 passed by ld. CIT(A), Ranchi (Jharkhand) and they relate to the assessment year 2009-10. Since id....

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....of Rs. 12,26,148/-. During the course of assessment proceedings the Assessing Officer noticed that the assessee did not maintain regular books of account. The authorized representative of the assessee, who appeared before the Assessing Officer admitted that the income was computed on the basis of bank statement and payment details from the various parties. Hence, the Assessing Officer proceeded to....

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....o estimate the income at 6% of the gross receipts from the contract work as well as transportation work. Aggrieved, both the parties have filed these appeals before us. 7. We heard the rival contentions and carefully perused the record. We notice that the Assessing Officer did not bring any material or comparable cases on record to show the profit rate of 8% adopted by the Assessing Officer was....