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2022 (5) TMI 1216 - AT - Income TaxAssessment u/s. 44AD on presumptive basis - Estimation of profit - assessee before us made statement at bar that he has maintained books of account, which were produced before the AO during scrutiny assessment proceedings and even now he is ready to produce before the AO, in case the matter is remanded back to the file of the AO - HELD THAT:- As it is clear that the assessee can declare lower profit also in case the assessee has maintained books of account and in this case, as claimed by the assessee before Bench that he has maintained books of account, in that eventuality we are of the view that the orders of lower authorities needs set aside. Hence, the orders of lower authorities are set aside and matter remanded back to the file of the AO for making assessment on the basis of books of account. Accordingly, the AO will reframe the assessment after allowing reasonable opportunity of being hearing to the assessee. Appeal of the assessee is allowed for statistical purpose.
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