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2023 (5) TMI 1112 - AT - Income TaxEstimation of profit - Disallowance of expenses (operational cost and administrative expenses) for want of complete documents - HELD THAT:- CIT(A) goes to prove that since the assessee company has merged with Exterio and Interio Pvt. Ltd by the order passed by the Hon’ble Bombay High Court which was subsequently merged with Azura Projects Pvt. Ltd by NCLT despite numerous opportunities the assessee company could not produce the complete evidence so the ld CIT(A) proceeded to assess the profit of the company qua the receipt in question @3% on the basis of profit earned by it in the earlier years i.e. FY 2008-09 to 2010-11, wherein, profit was @2.27%, 3.85% and 3.26% respectively, which was subject to verification by the AO. Moreover, the ld CIT(A) proceeded to estimate the percentage of profit after rejecting the books of account of the assessee. CIT(A) has taken a plausible view in the interest of justice and fair play. Decided against revenue.
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