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2022 (8) TMI 1039 - CALCUTTA HIGH COURTEstimation of income - profit was estimated @ 12% on entire turnover - HELD THAT:- Tribunal was of the view that the CIT-A has exercised his powers which are coterminous to that of the powers of the AO. However, on going through the order passed by the CIT-A, we find that there is no such exercise done by the CIT-A and all that is observed is that it would be reasonable and in the interest of principles of natural justice to estimate the profit at 12%. In the absence of any reasons given by the CIT-A, we are of the view that the order suffers from perversity which has been perpetuated by the order passed by the Tribunal. We are of the clear view that the order impugned calls for interference. In the result, the appeal filed by the revenue is allowed and the orders passed by the Tribunal as well as the CIT-A are set aside and the assessment order stands revived.
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