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2015 (11) TMI 1444 - AT - Income TaxEstimation of Income - estimation of the assessee’s income, primarily on the basis of advance tax paid and rejection of books of account - CIT(A) deleted the addition - Held that:- Revenue has failed to contravene the finding of the Ld. CIT(A) in the impugned order that the Assessing Officer’s estimation of the assessee’s income, primarily on the basis of advance tax paid and rejection of books of account without finding any discrepancy or suppression of turnover, etc., is not sustainable. We concur with the view of the Ld. CIT(A) that it is difficult to accept the Revenue’s plea that payment of advance tax is tantamount to disclosure of income by the assessee or that it can be the sole basis for estimation of the assessee’s income. In this factual matrix of the case, we uphold the action of the Ld. CIT(A) in deleting the Assessing Officer’s estimation of the assessee’s income at ₹ 91.00 crores.- Decided against revenue Carry forward and set off of business loss and unabsorbed depreciation - CIT(A) allowed the claim - Held that:- As observed by the Ld. CIT(A), it is clearly evident that the Assessing Officer had not examined the assessee’s claim for carry forward and set off of earlier year’s business losses and unabsorbed depreciation. Revenue’s contention that the Ld. CIT(A) had directed the Assessing Officer to allow the assessee’s claim in this regard is factually incorrect. The Ld. CIT(A), as observed that since the Assessing Officer had rejected the assessee’s books of account summarily , he would not have examined the assessee’s claim for carry forward and set off of business losses and unabsorbed losses of earlier years and, therefore, directed the Assessing Officer to examine the assessee’s claim in accordance with law and also to dispose off the pending rectification applications, if any, in this regard. The Ld. AR of the assessee drew the attention of the Bench to the order giving effect to the impugned order of the Ld. CIT(A) wherein the Assessing Officer has examined and adjudicated on the assessee’s claim for carry forward and set off of unabsorbed losses and depreciation. - Decided against revenue
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