SATYA NARAYAN SHARMA,JAIPUR vs. ACIT, JAIPUR

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ITA 38/JPR/2015Status: DisposedITAT Jaipur27 February 2017AY 2010-119 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal held that the estimation of net profit should be restricted to contract activity as the rejection of books of accounts was related to contract work. The matter was set aside to the AO to examine segmental profit/loss accounts.

What were the facts?

The assessee's books of accounts were rejected by the AO, who estimated profit at 11.5% and later 7% by the CIT(A). The assessee argued that the rejection was based on contract activity, not sales, and the profit rate should not apply to sales.

What were the issues?

Whether the estimated profit rate applied by the authorities below should be restricted to contract receipts when the rejection of books of accounts was based on discrepancies in contract work only.

Which sections of the Income-tax Act were involved?

Section 145(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, JAIPUR BENCHES, JAIPUR

Before: SHRI KUL BHARAT, JM & SHRI VIKRAM SINGH YADAV, AM vk;dj vihy la-@ ITA No. 38/JP/15

For Appellant: Shri Manish Agarwal (CA) jktLo dh vksj ls@
Hearing: 23.02.2017

Heard together (2 matters)

ITA No. 38/JP/15
ITA No. 39/JP/15

Read from the judgment's own cause title. This page is filed under one of them.

आदेश की प्रतिलिपि अग्रेषित@ब्वचल वf जीम वतकमत वितूंतकमक जवरू

1.

vihykFkhZ@The Appellant- Shri Satya Narayan Sharma, Jaipur 2. izR;FkhZ@ The Respondent- The ACIT, Circle-4, Jaipur vk;dj vk;qDr@ CIT –II, Jaipur 3. vk;dj vk;qDr¼vihy½@The CIT(A) 2, Jaipur 4. 5. विभागीय प्रतिनिधि] आयकर अपीलीय अधिकरण] जयपुर@क्त्ए प्ज्Aज्ए Jंपचनत 6. xkMZ QkbZy@ Guard File (ITA No. 38 & 39/JP/2015)

vkns'kkuqlkj@ By order, सहायक पंजीकार@ Aेेपेजंदज. त्महपेजतंत.

ITA Nos. 38 & 39/JP/15 Shri Satya Narain Sharma v. The ACIT Circle-4, Jaipur

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