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2003 (9) TMI 18 - KERALA HIGH COURTMethod of estimation of income - AO did not accept the book results and estimated the income by disallowing the expenditure incurred by the assessee for payments to sub-contractors - justification for interfering with the order of the Assessing Officer in estimating the income with reference to the books of account and other documents by substituting it with determination of profit on percentage basis – first appellate authority, without considering the case of the assessee based on the books of account and other records, had straightaway thought that this is a fit case for estimation of profit on percentage basis – Tribunal has also committed the mistake in approving the estimation of income adopted by the first appellate authority – we are of the view that the question of estimation of income from the contract receipt is a matter to be considered by the Assessing Officer himself in accordance with law – Thus, we decline to answer the questions of law on which notice is ordered in the appeal filed by the Department
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