Amount Received for Contract work but not disclosed can not be added fully to income

ITO Vs M/s. St. Joseph Construction (ITAT Kolkata)- Ld. CIT(Appeals) after considering the assessee’s submissions directed the Assessing Officer to reject the books of accounts of the assessee-firm since the assessee had concealed huge contractual receipts to the tune of  Rs. 54,55,543/-. He also directed the Assessing Officer to estimate the profit @ 8% on the entire receipts of  Rs. 1,12,29,347/- equivalent to  Rs. 8,98,348/-, net of all expenses including salary and interest payments to partners.

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