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2014 (6) TMI 36 - ITAT DELHIEstimation of income – Failure to produce the documents – Held that:- The AO estimated net profit at 5% of the turnover by holding that the attitude of the assessee was non-cooperative during the assessment proceedings - the AO estimated 5% of turnover as net profit of the assessee without any basis and without considering previous year’s results of the assessee and also without taking any comparable - the observations of the CIT(A) that in absence of any specific adverse observation with regard to any claim of the expenses of the assessee, the book results of the assessee cannot be rejected, are wrong and unsustainable - the authorities below adopted a wrong approach in deciding taxable income of the assessee and we find it just and proper that the entire issue pertaining to the assessment should be examined and adjudicated at the end of AO – thus, the matter is remitted back to the AO for fresh adjudication – Decided in favour of Revenue. Jurisdiction to pass order – Held that:- As the matter has already been remitted back to the AO, the legal objection of the assessee regarding jurisdiction is also restored to the AO for adjudication - Decided in favour of Assessee.
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