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2012 (3) TMI 121 - ITAT, COCHINEstimation of profit - net profit at 2% - Held That:- Assessing officer has to give one more opportunity to the assessee before framing the assessment. No audit under 44AB - Penalty under 271B - Held That:- whether there was delay in getting the audit report or whether the assessee could not get the audit report at all. If the assessee could not get the audit report in time, then it is for the assessee to explain the reasonable cause for the delay in not getting the audit report. Therefore, in our opinion, the matter needs to be factually verified by the assessing officer. Case remanded back.
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