Dy. Commissioner of Income Tax, Circle-Sultanpur, U.P. vs. Shri. Shakeel Haider

Parties Involved

Facts Summary

The assessee, Shri. Shakeel Haider, filed returns for the assessment years 2011-12 and 2012-13 declaring incomes of Rs. 1,56,01,340/- and Rs. 1,36,06,860/- respectively. The Assessing Officer rejected the books of accounts provided by the assessee and estimated the net profit at 8% of the gross receipts. The Commissioner (Appeals) upheld the rejection of the books of accounts but reduced the net profit rate to 2.5% for the assessment year 2012-13. The Revenue appealed against this decision, arguing that the net profit rate should have been higher. The Tribunal dismissed the appeals, finding that the Commissioner (Appeals) had reasonably estimated the income based on the past history of the case and the gross contract receipts.…

Legal Issues

• 1. Whether the Assessing Officer was justified in rejecting the books of accounts?
• 2. Whether the net profit rate of 8% was justified?

Judgment Outcome

Decided in favour of Revenue.

Precedents Relied Upon

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