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2018 (12) TMI 992 - HC - Income TaxAllowability of loss - Defects in the Audited Books of Accounts - destruction of physical accounts due to heavy rains - sharp and continuous fall in nickel prices - Held that:- We note that both the CIT(A) and the Tribunal on examination of the facts have come to the conclusion that there was material evidence available before the Assessing Officer for him to carry out necessary investigation to determine whether or not the loss suffered by the respondent assessee was justifiable. The best judgment assessment can certainly be resorted to by the Assessing Officer in the absence of any record, but it cannot be arbitrary. This is more particularly so when various supporting documents justifying their loss return was filed before the Assessing Officer and he had completely ignored the same. We find that this appeal essentially is in respect of question of facts. In the above view, the question as proposed does not give rise to any substantial question of law. Thus, not entertained.
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