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2017 (8) TMI 941 - AT - Income TaxN.P. determination - best judgment assessment - Held that:- CIT(A) has confirmed the income from Brick Kiln Hanuman Gram Udyog Mandal of assessee without any evidence or any material as the AO computed the income arbitrarily by estimating, the same without confronting the material for such estimate ignoring the principles applied in best judgment assessment and section 44AD for estimating the production and price of bricks. The computation the income by estimation, without any basis, ignoring the principle of best judgment method, which in my considered opinion should have been estimated by applying net rate of profit @8% as provided u/s. 44AD as is applied in no books case and also done in the cases of other Brick Kiln in the locality. Keeping in view as explained above, the Net profit @8% is quite reasonable and genuine, because Ld. DR could not produce any contrary order of the higher Court.
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