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2010 (12) TMI 775 - HC - Income TaxEstimation of net profit @of 10% or 13% - the assessee concealed the gross receipts from the department and accordingly manipulated the entries in the books of accounts and further, some of the payments made for purchases were not accounted for in the books of accounts - the CIT(A) has enhanced the application of net profit rate from 10% to 13% - As a result, there is no merit in the appeal of the assessee and same is also dismissed. - Held that: the appellate authorities had failed to discuss any material on the basis of which it could come to the conclusion that 13% net profit rate was justified - In the absence of any reference to the material on record, there is no other option with this court except to set aside the orders under appeal and remand the matter to the CIT (A) to examine the same afresh.
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