Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2020 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (1) TMI 699 - HC - Income TaxBogus purchases - NP determination - HELD THAT:- Tribunal found that the AO, while estimating the net profit at 20% had proceeded on the basis of stock register, delivery challans of goods, work orders, and there was no application of mind for deriving at the figure of 20%. The Tribunal, therefore, found it fit to remand the proceeding to the Assessing Officer. We have not been shown as to how the finding regarding non application of mind by the Assessing Officer is incorrect. The Tribunal has rightly emphasised on the need to scrutinise the relevant aspects while working out the estimation, and not to arrive at the same in a haphazard manner. Tribunal, while disposing of the appeal has not given conclusive findings but has made certain observations to emphasis the need for remand. Tribunal has made these observations only to emphasis that there are various aspects for the Assessing Officer could have taken into consideration. No substantial question of law.
|