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2013 (10) TMI 1230 - MADRAS HIGH COURTBest judgment assessment u/s 144 of the Income Tax Act - Assessee not maintaining any books of accounts nor filing profit and loss account and balance sheet – Held that:- Assessment does not suffers on account of the absence of any opportunity granted to it by the Assessing Officer before passing the order under Section 144 of the Act - Profit margin in the earlier years to refix the income at 5% of the gross turnover. Consequently, no any justification in the Tribunal straightaway restoring the assessment at 8% of the gross turnover without any discussion on the merits of the Commissioner of Income Tax (Appeals) order – Matter restored to the Commissioner(Appeals) – Decided in favor of Assessee.
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