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 1759 - AT - Income TaxEstimation of income - net profit estimation - Held that:- CIT (A) granted substantial relief to the assessee by estimating the net profit @ 5% of the turnover and sustained addition. It is the submission of the assessee that due to wrong representation of the then counsel for the assessee, the case was not properly handled and therefore, the assessee should be given an opportunity to substantiate with evidence to the satisfaction of the Assessing Officer regarding various items of the profit and loss account and the balance sheet. We find the order of the CIT (A) in the instant case is not a speaking order. Considering the totality of the facts of the case and in the interest of justice we deem it proper to restore the matter back to the file of the Assessing Officer with a direction to grant one final opportunity to the assessee to substantiate his case. Assessee is also hereby directed to produce the books of accounts and audit report before the AO and substantiate the various expenses claimed in the profit & loss and sundry creditors and other items shown in the balance sheet to the satisfaction of the Assessing Officer failing which the AO shall pass appropriate order as per law. Needless to say the Assessing Officer shall give due opportunity of being to the assessee.
|