Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (12) TMI 944 - AT - Income TaxEstimation of profit @5% of the turnover - profit from liquor business - HELD THAT:- As in the instant case, as mentioned by the AO neither the assessee has maintained any books of accounts nor any books of accounts were produced for verification either at the time of search proceedings or during the post search proceedings or assessment proceedings. Therefore, the same decision, in our opinion, is not applicable to the facts of the present case. Even other wise also, the assessee during the course of assessment proceedings as well as appeal proceedings before theCIT(A) had requested to adopt the net profit rate of 5%. We do not find any infirmity in the order of the CIT(A) restricting the profit rate at 5% of the turnover. The ground raised by the assessee on this issue is accordingly dismissed. Addition as non agricultural income - HELD THAT:- Assessee, during the course of assessment proceedings, had not produced the requisite details as called for by the AO. However, before the ld.CIT(A), the assessee had filed the copy of certificate from the VRO regarding agricultural income along with other documents. Although, during the remand proceedings, the assessee did not appear, however, these documents were very much available with the AO and he could have conducted necessary enquiries. However, the AO was waiting for the assessee to appear and did not conduct any independent enquiry. Since, the agricultural income shown by the assessee is very less and since the assessee had filed a certificate from the VRO regarding the agricultural income along with other documents, therefore, considering the totality of the facts of the case including the smallness of the amount and this being an old matter, we direct the AO to restrict such disallowance to 10% of the income shown. Assessee ground is partly allowed.
|