Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (9) TMI 1404 - AT - Income TaxValidity of issue of notice u/s 148 and the subsequent completion of assessment - Held that:- We notice that the assessment completed u/s 143(1) and not u/s 143(3) and there was no opportunity for the AO to form an opinion. Subsequently, it was noticed by the AO that the income was escaped assessment. Accordingly, notice was issued and assessment was completed u/s 143(3) r.w.s. 147. We do not see any issue with the completion of assessment or issue of notice u/s 148. Therefore, ground raised by the assessee is dismissed. Estimated the income - assessee, an individual, deriving income from business in purchase and sale of liquor - AO rejected the audited books of account of the assessee and completed the assessment by estimating the income from business @ 8% of cost of goods put to sale in case of Bar and Restaurant and @ 5% in case of wine business - Held that:- We direct the AO to adopt 3% of the cost of goods sold as the income of the assessee relating to Wine business. As regards estimation of income @ 8% of cost of sales in the case of Bar & Restaurant, we confirm the findings of AO as the same was in line with the provisions of section 44AD.
|