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2018 (6) TMI 61 - ITAT RANCHIEstimation of profit - AO estimated the profit @2.5% on the total turnover but CIT(A) enhanced the estimate of profit to 5.88% on the ground that the assessee must have made higher profit since all expenditures were considered while computing the book profit - Held that:- CIT(A) enhanced the addition made by the AO without giving sufficient opportunity of being heard and prayed for one more opportunity to substantiate its claim before the CIT(A). Considering the submission of the assessee and the facts and circumstances of the case as well as in the interest of substantial justice and fairplay, we provide one more opportunity to the assessee to substantiate its claim before the CIT(A) and remit the matter back to the file of CIT(A) Charging of interest u/s.234B - Held that:- Interest u/s.234B can be levied only on the returned income and not on the assessed income. See Ajay Prakash Verma case [2013 (1) TMI 140 - JHARKHAND HIGH COURT].
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