- (1.) Heard Sri. Pradeep Agarwal, learned Counsel for the appellant and Sri. Prashant Kumar, learned Counsel for the respondents. This instant income tax appeal under Section 260A of the Income-tax Act has been filed by Pragati Engineering Corporation-appellant against the judgment and order dated 25.5.2012 passed by the Income Tax Appellate Tribunal, Lucknow Bench 'B', Lucknow [hereinafter referred to as the "Tribunal"] in I.T.A. No. 304/LKW/2011 for the Assessment Year 2005-2006, whereby the Tribunal has dismissed the appeal.
(2.) Shorn off unnecessary details the facts of the case are as under: Pragati Engineering Corporation-appellant is a partnership firm and is engaged in the business of civil contractors in district Raibareli. During the Assessment Year 2005-2006, the appellant had received gross payment from various Government department to the tune of Rs. 1,33,76,545/-, which was audited by the Chartered Accountants on the basis of books of accounts. Thereafter, on 30.10.2005, appellant had filed its return of income for the Assessment Year 2005-2006, showing income of Rs. 4,43,630/-.
(3.) In compliance to a notice issued under Section 143(2), various details asked from time to time, were furnished by the appellant. Since the case was selected for scrutiny, the appellant/assessee was asked to produce the books of account but it failed to produce the cash book etc. and only ledger copies of purchase, labour charges, salary payable etc. were produced on 9.7.2007. Thereafter, appellant/assessee was repeatedly asked to produce the vouchers etc. in support of its claim of incurring respective expenses but the same were not made available before the Assessing Authority.;