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2012 (7) TMI 214 - AT - Income TaxCIT(A) deleted the addition made by the AO u/s 144 - Held that:- As the assessee did not produce any books of account before the AO despite number of notices issued seeking various details and documents as a result assessment was completed u/s 144 - AO attributed 10% of the stock of glass sold outside the books by way of profit while the CIT(A) without giving an opportunity to the AO reduced the addition by 50% on the ground that the business of trading in glass was discontinued. There is nothing to suggest as to whom the stock was sold and what was the margin- Despite being fully aware that assessment was completed in this case u/s 144 CIT(A) did not allow any opportunity to the AO before reducing the addition by 50% or deleting the addition on account of commission from trading in shares or allowing telescoping the income on sale of glass and returned income, against unexplained cash deposited in the bank. CIT(A) while allowing set off of amount of Rs. 2 lacs on account of sale of old stock of glass and returned income of Rs. 5,06,170/- did not refer to any evidence that sale of old glass or returned income had any nexus with the cash deposited in the bank account ,especially when the assessee did not produce relevant books of account - order of the CIT(A) while disposing of the appeal shall be in writing and shall state the points for determination, the decision thereon and the reason for the decision - decided in favour of revenue.
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