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2019 (9) TMI 860 - ITAT DELHIProfit rate determination - non production of books of accounts - HELD THAT:- Assessee failed to produce books of account before any of the authorities below and whatever claim was made, has not been substantiated through any evidence or material on record. Therefore, authorities below were justified in estimating the income of assessee by applying higher profit rate. Considering the smallness of the total turnover of the assessee and nature of business of assessee, it would be reasonable and proper if the income be assessed by applying profit rate of 8% as against 12% applied by the authorities below. Thus confirm the finding of fact recorded by the authorities below to estimate income. However, direct the assessing officer to modify the application of profit rate by applying profit rate of 8% against total receipts of ₹ 58,43,303/- and compute income of assessee accordingly instead of 12% - Appeal of the Assessee partly allowed.
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