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2018 (6) TMI 502 - AT - Income TaxRejection of books of account u/s 145 - estimation of net profit @ 3% - Held that:- AO has not given any reasons for rejection of books of account - thus we direct the AO to adopt net profit rate at 1.75 % in place of 3 % and recomputed the addition after applying this rate - hence appeal filed by the assessee is partly allowed. Initiation of penalty u/s u/s 271(1)(c) - Held that:- Penalty needs to be cancelled on the ground that the AO did not specify the charge also the addition has been made on the basis of estimation - thus penalty u/s u/s 271(1)(c) is cancelled - Decided in favor of assessee.
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