ITAT direct AO to estimate net profit at 3% on gross contract receipts of transport operator

Raghavendra Lorry Services Vs DCIT (ITAT Visakhapatnam) We find from the order of the Ld. AO, the Ld.AO has followed the directions of the CIT and has estimated the income @ 15% on the gross receipts without allowing the depreciation. It was also found from the submissions of the Ld. AR that the  assessee a partnership firm, being a transport operator is not maintaining books of accounts but only maintaining kaccha books of accounts which does not give true and correct profit earned by the assessee. Further, the assessee has not produced any vouchers before the Ld. AO for different items of ...