Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (4) TMI 537 - AT - Income TaxAddition on account of estimated net profit - assessee case was selected for scrutiny u/s 143(2) - AO rejected the books of accounts of assessee and estimated net profit @ 0.17% of the turnover - HELD THAT:- Assessee produced paper book no. S-6, which contains the excise returns of the production, details of input-output and work-in-progress. This was sent by speed post and a copy of the speed post receipt dated 13.12.2016 has been produced before ld CIT(A). Hence, these details were submitted before the AO by the assessee - contention of the AO that the information required by him, were not produced during the course of the assessment proceedings, are untenable and not supported by the facts, which are on record. Hence, AO was not correct in rejecting the books of accounts - we decline to interfere with the order of CIT(A) in deleting the aforesaid additions. His order on this issue is, therefore, upheld and the grounds of appeal of the Revenue are dismissed. Brought forward loss adjustment ignoring the section 14 - HELD THAT:- CIT(A) directed the AO to allow brought forward losses, as per the provisions of section 72 therefore we do not find any infirmity in the order of ld CIT(A) in directing the AO to allow brought forward losses, in accordance to law. Hence, we confirm the order of ld CIT(A). Appeal of the Revenue is dismissed.
|