Deputy Commissioner Of Income Tax Circle-1, Muzaffarpur v. M/S Rishi Builders India (P) Ltd. Sri Krishna Nagar, Motihari

IN THE HIGH COURT OF JUDICATURE AT PATNAMiscellaneous Appeal No.694 of 2010 ====================================================== Deputy Commissioner of Income Tax Circle-1, Muzaffarpur ... ... Appellant/s Versus M/s Rishi Builders India (P) Ltd. Sri Krishna Nagar, Motihari ... ... Respondent/s ======================================================Appearance :For the Appellant/s: Mr. Rishi Raj Sinha, Sr. Standing Counsel Smt. Shilpi Keshari, Sr. Standing Counsel For the Respondent/s: Mr. Ajay Kumar Rastogy, Advocate Mr. Naman Nayak, Advocate Mr. Prabhat Kumar, Advocate ====================================================== CORAM: HONOURABLE THE CHIEF JUSTICE and HONOURABLE MR. JUSTICE RAJEEV RANJAN PRASADORAL JUDGMENT (Per: HONOURABLE THE CHIEF JUSTICE) Date : 23-04-2018 This is an appeal filed by the Revenue underSection 260A of the Income Tax Act, 1961 and challenge is onlymade to the act of the Income Tax Appellate Authority and theAppellate Tribunal in estimating the net profit for the contract at6% of the net contractual receipt and not at 8% as claimed bythe assessee and assessed by the Assessing Officer. Whileadmitting the appeal on 07.04.2015 the only questionformulated is as under:- “Whether on the facts and in the circumstances ofthe case, the Tribunal was justified in reducing thenet profit from 8% of the gross contract receipt asadopted by the Assessing Officer to 6%?” Both the CIT (Appeal) and the Appellate Tribunalhave recorded concurrent finding and the concurrent findingshave been recorded on the basis of the circulars of thedepartment and decisions of the Appellate Tribunal wherein thenet profit at the rate of 6% of the net contract value has beenassessed. In our considered view, the consistent findingsrecorded by the Appellate Authorities does not call for anyinterference, as the same is based on consistent judgments of theTribunal and the circulars of the department. Accordingly,finding no error, we answer the question framed against theRevenue and dismiss the appeal. (Rajendra Menon, CJ) (Rajeev Ranjan Prasad, J) P.K.P./- AFR/NAFRN.A.F.R.CAV DATEN.A. Uploading Date02.05.2018Transmission Date