NARENDRA KUMAR SHARMA,ANGUL vs. ITO, WARD-2, DHENKANAL

2 ITA No.394 /CT K/20 16 Asse ss ment Y ear :20 10- 201 1 3. I have heard the rival submissions and perused the orders of lower

authorities and materials available on record. In the instant case, the

Assessing Officer observed that the assessee has shown gross receipt from

transportation work of Rs.9,75,16,499/-, and from marble trading of

Rs.12,81,280/-. The gross profit on marble trading has been shown as

Rs.1,18,887/-. After debiting various expenses in the P&L account, the net

profit was shown at Rs.13,95,471/- which is around 1.41% of the total gross

receipts from both the business. As the assessee could not produce details of

ledger copy with supporting bills and vouchers, therefore, he rejected the

books of account of the assessee by invoking the provisions of section 145(3)

of the Act and estimated the income at 3.5% of gross transportation receipts

of Rs.9,75,16,499/-, which worked out to Rs.34,13,077/-.

estimation of income from transportation receipts @ 3.5% is excessive and

the rate should be 2.5% of the gross transportation receipts to meet the ends

of justice. However, ld CIT(A) did not accept the submission of the assessee

and dismissed the appeal of the assessee.

4 ITA No.394 /CT K/20 16 Asse ss ment Y ear :20 10- 201 1 Copy of the Order forwarded to : 1. The appellant :Narendra Kumar Sharma, Prop. Shreeram Marble, At: N.S,Bose Marg, Talcher, dist: Angul. 2. The Respondent. ITO, Dhenkanal 3. The CIT(A)-2, Bhubaneswar 4. CIT,Bhubaneswar 5. DR, ITAT, Cuttack 6. Guard file. BY ORDER, //True Copy//

ASST.REGISTRAR, ITAT, Cuttack