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2018 (9) TMI 1623 - AT - Income TaxRejection of books and accounts - estimation of profit - Held that:- CIT (A) has not assigned any basis for estimating net profit rate of 6.5%. Although it is apparent from the orders of both the lower authorities that the assessee has been extremely negligent and careless in his approach and even after being given numerous opportunities, he failed to produce the books of accounts. All the same, the action of both the lower authorities in estimating the net profit rate without any basis can also not be approved. Therefore in the interest of justice, we deem it expedient to restore the issue to the file of the Assessing Officer to decide the issue de novo after giving due opportunity to the assessee to present its case and we also direct the assessee to produce the books of accounts before the Assessing Officer, failing which the Assessing Officer shall be at liberty to estimate the net profit rate as per law. - Decided in favour of assessee for statistical purposes.
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