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1 - 6 of 6 (0.20 seconds)The Income Tax Act, 1961
Commissioner Of Income Tax vs M/S Partap Singh Rajender Chamola on 19 March, 2016
5. Further, the Ld. counsel relied on the decision of the
Tribunal, Kolkata bench dated 20/01/2016 in the case of ACIT
Vs. M/s Gourangalal Chatterjee Construction Private Limited,
wherein net profit estimated at the rate of 8%, was reduced to
2.5% after allowing statutory expenses like depreciation interest
on borrowed capital, etc. He also relied on the decision of the
Tribunal, Ahemedabad bench in the case of Quality Construction
in ITA No. 4544/Ahd./2007 and others and submitted that in the
said case the Tribunal confined the net profit at the rate of 3.25%
of the receipt. The Ld. counsel also referred to decision dated
22/05/2015 of the Hon'ble High Court of Delhi in the case of CIT-
21 Vs Rajender Singh, wherein the Hon'ble High Court upheld the
decision of the Tribunal confirming the net profit rate of 1.94%
estimated by the Ld. CIT(A).
M/S. Kachwala Gems, Jaipur vs Joint Commissioner Of Income Tax, ... on 14 December, 2006
"4.3.5 As the facts and circumstances of the case is almost similar,
respectfully following the observation of CIT(A) in A.Y. 2012-13, the
rejection of books of accounts of the appellant is upheld as the
Assessing Officer has given justified reasons for the same. Further,
the appellant could not produce any supporting evidence and
approved rates and the reasons of fall in the approved rates during
the course of appellate proceedings also. Reliance is placed on the
decision of Hon'ble High Court of Allahabad in the case of Awadhesh
Pratap Singh Abdul Rehman & Bros. v. CIT 210 ITR 406
Besides this, I am inclined to hold in this year also that the
estimation of profit of works contract which is taken by the
Assessing Officer @ 8% is excessive and should be calculated @ 5%
reduced by the depreciation of Rs.20,09,838/- and the income from
supply which is estimated by the Assessing Officer @ 3% deserves to
be confirmed. However, no relief is required to be given to the
appellant for the 'Work Contract Tax' shown by the appellant in the
ledger account which is a part of total contract receipt and once the
books of accounts is rejected, the estimation of profit is to be made
on the gross contract receipt. Reliance is also placed on the decision
of Hon'ble Supreme Court of India in the case of Kachwala Gems v.
CIT 288 ITR 10. In this light, the total income of the appellant is to be
worked out as under:-
Section 44 in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income Tax-Ii & Anr vs Jogendra Prasad Singh on 19 May, 2011
(a). Hon'ble Allahabad High Court in case of Commissioner of
Income Tax Vs Jogendra Singh & Co.(2014) 361 ITR 78 dated
06.01.2014,
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