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2015 (4) TMI 762 - AT - Income TaxRejection of books of account - Discrepancies in purchases and sales - Estimation of Income - Dis-allowance of depreciation - Assessee argued that its books of accounts had been properly audited' and nofault has been found with the audit - Held that:- the way in which the books of accounts the appellant had been written, it is impossible to either determine purchases or the sales or the expenses. The books are not amenable any sort of verification and the entries mentioned are wrong - rejection of books of accounts is absolutely in order.. Estimation of income - Held that:- Following the case of M/s Sujana Towers Ltd. [2014 (7) TMI 805 - ITAT HYDERABAD] and considering totality of facts and circumstances of the present case and the specific plea of the assessee, in the interests of justice in this case also, we are inclined to set aside the impugned order of the CIT(A) and restore the matter to the file of the Assessing Officer with similar directions. We do so and direct the Assessing Officer 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 accordingly. The directions given in the order of this Tribunal in the case of M/s Sujana Universal Industries Ltd. and M/s Sujana Metal Products Ltd. [2015 (4) TMI 580 - ITAT HYDERABAD] dated 13.8.2013, extracted above, apply mutatis mutandis to this case as well. Assessee is directed to cooperate with the Assessing Officer and comply with the notices, and the Assessing Officer is directed to complete the assessment afresh in accordance with law after giving reasonable opportunity of hearing to the assessee.” As the issue under consideration is materially identical to the one decided by the coordinate bench in case of M/s Sujana Towers Ltd. [2014 (7) TMI 805 - ITAT HYDERABAD], we set aside the order of the CIT(A) and restore the matter to the file of AO with a direction to decide the same in the light of the said decision of the coordinate bench. The ground raised by assessee as well as by the revenue are allowed for statistical purposes. We have heard the submissions of the parties and perused the material on record as well as orders of the revenue authorities. Since the CIT(A) has given a finding that the assets were non-existent, we set aside the issue to the file of the AO to verify the existence of the computers and allow the claim of depreciation. Accordingly, this ground is allowed for statistical purposes.
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