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2014 (7) TMI 805 - AT - Income TaxEstimation of the income from business – Non-allowance of depreciation – Held that:- The assessee contended that the rate of 1% adopted by the CIT(A) for estimation of income of the assessee is on the higher side, since adoption of a rate of 0.5% would be reasonable - non-allowance of depreciation from such estimated income is against the instructions of the CBDT - as it has already been decided in assessee’s own case that one more opportunity is allowed to the assessee for production of its books of accounts and other documents before the AO to substantiate its claim – thus, the matter is remitted back to the AO for fresh consideration - the AO is directed to re-examine the matter, after giving reasonable opportunity to the assessee to produce the books of account and other information, and re-determine the income – Decided in favour of Assessee.
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