Income-Tax Officer vs A.Y. Nithyanandam on 5 September, 1991
4. We keep in mind the said legal principles to advert back to
revenue's grievance in the instant case. Learned departmental
representative first of all fails to dispute the fact that the assessee had
earlier shown profit in its books of accounts in preceding assessing year
qua the relevant project by following percentage completion method. This
follows CIT(A)'s detailed discussion on Assessing Officer's findings in
support of his action rejecting books of accounts in paragraph 3.8 to 3.13.
The same have gone unrebutted from the revenue's side. We further
invited learned departmental representative's attention to assessee's
paper-book forming part of record comprising of all relevant particulars.
Nothing comes from the revenue's side to controvert the CIT(A)'s detailed
findings extracted in preceding paragraph. We thus find no substance in
revenue's argument seeking to revive Assessing Officer's action rejecting
assessee's books followed by estimation of net profits @ 25% in the
ITA No. 1725/Ahd/2015
ITO Vs Swastik Developers
A.Y :- 2010-11
-7-
impugned assessment year. Revenue's two substantive grounds in the
instant appeal are therefore declined.