MANJUSHA ESTATE PVT LTD Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) RULE . Learned advocate for the respondent in each of the petitions is directed to waive service and the petitions are taken up for final hearing and disposal today considering the scope of the controversy. The three petitions involve Assessment Years 2000 -2001, 2001 -2002 and 2002 -2003 respectively.

(2.) THE petitioner, a Private Limited Company, is engaged in the business of developing land and construction of residential and commercial buildings.

(3.) FOR Assessment Year 2001 -2002, return of income was filed on 31.10.2001. The respondent authority made an inquiry regarding cost of construction in relation to the projects and a detailed reply dated 11.01.2003 was filed on behalf of the petitioner. The details called for were supplied at item No. 9 of the said reply. After considering the details and the explanation tendered by the assessee, the Assessing Officer did not accept the books of accounts and worked out net profit at the rate of 10% of receipts of a sum of Rs. 1,10,86,447/ -. This was carried in appeal and was confirmed by the Commissioner (Appeals) vide order dated 16.6.2003. The order made by Commissioner (Appeals) was further challenged by way of Second Appeal before the Tribunal and the action of Assessing Officer in rejecting the book result was also confirmed by the Tribunal.