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2015 (10) TMI 992 - AT - Income TaxEstimation of net profit rate of 6% by CIT(A) - net profit rate @ 12.5% applied by the A.O - Held that:- It is an admitted position that the assessee is engaged in the business of civil contacts for Government agencies. We have also noted that while assessee did not, at assessment stage, produce any evidences in support, such as bills and vouchers, of the ledger entries. The assessee’s claim before the CIT(A) has been that, “the version of the Assessing Officer is not correct, (the assessee) has maintained complete books, which are audited and complete details including bank account and bills and vouchers were furnished”. If that is the case, and the assessee is indeed in a position to substantiate the claim for expenditure, the expenses incurred by the assessee should be allowed. In this view of the matter, we deem it fit and proper to remit the matter for fresh adjudication by the Assessing Officer in the light of such evidences, in support of expenditure, as he may be in a position to produce. In case, of course, he cannot produce the bills and vouchers partly, the disallowance to that extent will have to be sustained by the Assessing Officer. Let all these aspects be examined afresh, after providing due and fair opportunity of hearing to the assessee, in accordance with the law and by way of a speaking order. We direct so. - Decided in favour of assessee for statistical purposes.
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