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JOGINDER SINGH, N.K.SAINI
Income-tax Officer III(2) – Appellant
Versus
Garg Jain & Associates – Respondent
N.K. Saini, Accountant Member. - This appeal by the department is directed against the order dated 29-5-2006 of Ld. CIT(A)-I Ludhiana.
2. Following grounds have been raised in this appeal :—
"1 That the Ld CIT(A)-I has erred in law and facts in directing the Assessing Officer to apply Net Profit rate of 7 per cent of gross receipts instead of 10 per cent adopted in the assessment order ignoring the decision of the ITAT. Amritsar Bench. Amritsar in ITAs No 177 & 178(ASR)/2003 in the case of Aggarwal Engg. Co. Jalandhar v. ITO IV(2) Jalandhar.
‘2. That the Ld. CIT(A)-I has erred in law and facts in giving the finding that rate of 7 per cent will meet ends of justice without taking note of the fact that rate ot 10 per cent applied by the Assessing Officer was before granting depreciation and net profit assessed was Rs. 11.29.93 on contract receipts of Rs. 2.89.67.219 which was only 3.9 per cent of gross receipts’.
‘3. That the Ld. CIT(A)-I thus erred in reducing Net Profit rate before depreciation to 7 per cent and he ought to nave taken into consideration the fact that by adopting such rate income after depreciation comes to Rs. 2.60.920 whicn is less man even 1 per cent’.
‘4. That h
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