M/s Pioneer Builders, Hyderabad V. DCIT, Hyderabad

ITA 526/HYD/2010

• Counselvise Citation: [2012] 140 COUNSELVISE.COM (IT) 66611 (ITAT-HYDERABAD)
• Duration Of Justice: 2 year(s) 8 month(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 20-12-2012
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 19-07-2011
• Assessment Year: 2005-2006
• Appeal Filed On: 15-04-2010
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: H SRINIVASULU
• Section: 143(2)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH B', HYDERABAD BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI SAKTIJIT DEY, JUDICIA L MEMBER ITA NO.526/HYD/2010 : A SSTT. YEAR 2005-06 M/S. PIONEER BUILDERS, HYDERABAD ( PAN - AABFG 7891 C) V/S. ASST. COMMISSIONER OF INCOME-TAX CIRCLE 10(1), HYDERABAD. (APP E LLANT) (RESPONDENT) APPELLANT BY : SHRI A.SRINIVAS RESPONDENT BY : SHRI H.SRINIVASULU DATE OF HEARING 30 . 1 0 .2012 DATE OF PRONOUNCEMENT 2 0.12.2012 O R D E R PER SAKTIJIT DEY, JUDICIAL MEMBER: IN THIS APPEAL BY THE ASSESSEE DIRECTED AGAINST T HE ORDER OF THE COMMISSIONER OF INCOME-TAX CENTRAL, HYDERABAD DATE D 30.3.2010 FOR THE ASSESSMENT YEAR 2005-06, THE ONLY EFFECTIVE GRIEVAN CE OF THE ASSESSEE IS AGAINST THE LEGALITY AND VALIDITY OF THE REVISIONAL ORDER PASSED UNDER S.263 OF THE INCOME-TAX ACT, 1961. 2. BRIEFLY, THE FACTS ARE THAT THE ASSESSEE, A PAR TNERSHIP FIRM IS ENGAGED IN THE BUSINESS OF EXECUTING CIVIL CONTRACT WORKS. FOR THE IMPUGNED ASSESSMENT YEAR, THE ASSESSEE FILED ITS RE TURN OF INCOME ON 28.10.2005, DECLARING AN INCOME OF RS.3,95,59,686. IN THE COURSE OF SCRUTINY ASSESSMENT PROCEEDINGS, THAT ENSUED IN RE SPONSE TO THE NOTICE UNDER S.143(2) OF THE ACT, THE ASSESSEE PRODUCED IT S BOOKS OF ACCOUNT AND OTHER DETAILS AS CALLED FOR BY THE ASSESSING OFFICE R. THE ASSESSING OFFICER ON EXAMINING THE BOOKS OF ACCOUNT NOTED THAT VARIOU S EXPENSES NOTED IN THE PROFIT & LOSS ACCOUNT ARE NOT SUPPORTED BY VERI FIABLE EVIDENCE. HE THEREFORE, PROPOSED TO ESTIMATE THE PROFITS AT 12.5 % ON NET CONTRACT RECEIPTS. OBJECTING TO SUCH PROPOSAL OF THE ASSESS ING OFFICER, THE