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2014 (11) TMI 1171 - ITAT AMRITSAREstimation of net profit rate of 5% - Held that:- The accounts of the assessee are undisputedly audited accounts. These were produced before the A.O. The balance-sheet, trading and profit & loss account are required to be necessarily furnished along with the return of income. So, obviously, these were also available before the A.O. Thus, even if the books of account were rejected and an estimate was made, this estimate, as arrived at by the learned CIT(A) on the basis of ‘M/s Bathinda Wine Traders’ for the assessment year 2009-10, in the absence of any other comparable case supporting the estimate of net profit rate of 5%, is squarely applicable and has rightly been applied by the learned CIT(A). - Decided against revenue
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