ITO v. Dreamax Infrastructure Developers(2018) 65 ITR 500 (Jaipur) (Trib)

S. 145 : Method of accounting –Works contract-Composite contract – First year of business -Rejection of books of account is not justified –GP rate of 7.3% is held to be proper . [ S.145(3)

Dismissing the appeal of the revenue the Tribunal held that , entire work carried under a composite contract, genuineness of expenditure not in doubt, produced all relevant details and evidence, insignificant defects in supporting evidence not a reason for rejection of books of account. This being first year of business activity  income declared by assessee at gross profit rate 7.44 per cent.  Is held to be justified .(AY.2012-13)