Case Law Details
ACIT Vs Vairam Constructions (ITAT Chennai)
This appeal by the Revenue and cross objection by the assessee is arising out of order of the order of Commissioner of Income Tax (Appeals)-IV, Chennai in Appeal No.CIT(A) IV/CHE/263/06-07, vide order dated 20.11.2018. The assessment was framed by the ACIT, Business Circle IX, Chennai for the assessment year 2000-01 vide order dated 18.03.2005 u/s.143(3) r.w.s. 147 of the Income Tax Act, 1961 (hereinafter the ‘Act’).
2. The only issue in this appeal of Revenue is as against the order of CIT(A) deleting addition made by the AO in respect of income from contract receipts by assessing less than 8% of the total contract receipts. For this, Revenue has raised following Ground Nos. 2.1 to 2.3 & 3:-
“2.1 The learned CIT(A) has erred in deleting the addition made in respect of income from contract receipt at 8% of the total contract receipts.
2.2 The CIT(A) failed to observe that the assessee admitted net profit of Rs.2,08,501/- which is less than 8% of the Total contract receipts and the assessee has not filed any report in Form 3CD as per the provisions of Sec.44AB at the time of filing the return of income.
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