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2020 (4) TMI 738 - AT - Income TaxEstimation of income - Addition on statement during the course of survey - CIT- A deleted the addition - As per revenue basis for making addition was not only the statement recorded by the Revenue during the course of survey but also the profit and loss account extracted from the computer system of the assessee on the basis of which the assessee has disclosed his income - HELD THAT:- CIT(Appeals) has failed to appreciate the statement of the assessee and further failed to examine the profit and loss account retrieved at the time of survey which was admitted to be correct by the assessee. On the basis of this extracted profit and loss account from the computer for the relevant assessment year upto 19.01.2010, the assessee has declared his income of ₹ 8.63 Crores . The assessee on his own in reply to Question No.25 had over and above the already agreed income of ₹ 8.63 Crores have also admitted that he would have an income of ₹ 9.5 Crores (inclusive of ₹ 8.63 Crores) upto 31.03.2010. Besides that the assessee had also declared the additional income of ₹ 2.60 Crores and ₹ 2.20 Crores for the assessment year 2008-09 and 2009-10 respectively. CIT(Appeals) had wrongly read the statement of the assessee and have further failed to appreciate the accounts as on 19.01.2010 were duly admitted and acknowledged by the assessee as correct. Hence, the right course would be for the Ld. CIT(Appeals) to freeze the profit and loss account of the assessee upto 19.01.2010 and thereafter, the profit and loss account for the remaining period was required to be re-casted and based on that profit of the assessee should have been calculated. Needful was not done by the Assessing Officer or by the Ld. CIT(Appeals) - remand the matter to the file of the Ld. CIT(Appeals) - Appeal of the Revenue is allowed for statistical purposes
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