Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (1) TMI 235 - ITAT DELHIEstimation of net profit - Held that:- The assessee did not produce books of accounts and complete relevant bills and vouchers before the Assessing Officer - The Commissioner of Income Tax(A) proceeded to estimate the net profit of the assessee on the basis of 15% of total receipts of the assessee during the year under consideration - The Commissioner of Income Tax(A) was justified in estimation of NP rate on the basis of total receipts - There was a substantial increase in the receipts of the assessee during the year and at the same time, some fixed expenses like rent and fixed salary etc. do not inflate in proportion to increase in receipts - The Commissioner of Income Tax(A) adopted a balanced view in adopting 15% of total receipts for estimation of net profit of the assessee. The other comparables are not relevant when the assessee herself is declaring higher percentage of NP during earlier and subsequent years of assessment - Decided against Revenue as well as against the assessee. Service charges - Held that:- The Commissioner of Income Tax(A) held that the undeclared income cannot be considered on the basis of TDS certificate - The Assessing Officer could have verified the same from ICICI Bank (the payer) and only after finding that the same was found undeclared by the assessee, the additions could have been made and the Commissioner of Income Tax(A) deleted the additions - The Assessing Officer should have been given an opportunity to verify the amount shown by the assessee and shown in the TDS certificate issued by the payer ICICI Bank but the Commissioner of Income Tax(A) has decided the issue in favour of the assessee without any verification - The issue was restored for fresh adjudication. Interest u/s 234B - Held that:- The issue was restored for fresh adjudication with a direction to AO to decide the issue of levy of interest on the assessee u/s 234B of the Act by considering the result of above ground.
|