TMI Blog2005 (5) TMI 275X X X X Extracts X X X X X X X X Extracts X X X X ..... Nov., 1995 declaring total income of Rs. 11.640. The firm was dissolved on 11th Aug., 1994 and one bus No. RJ-13/P-285 was sold by the firm for Rs. 1,40,000. The other two buses were retained by other partner namely Shri Ravi Kant, at a price of Rs. 2,25,000. The AO wanted to tax the short-term capital gain in the hands of the firm. Therefore, notice under s. 154 of the Act was issued to the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent while making the assessment under s. 143(3) of the Act. The booking receipts of this assessee were not supported by any vouchers, so the learned AO estimated the income from plying of the buses, by resorting to the provision of s. 145 and applying a GP rate of 62 per cent by enhancing the booking receipts to Rs. 3,60,000 instead of Rs. 3,10,737 declared by the assessee and thus made an additio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the officer. The CIT(A) has disposed of this important issue in a very casual manner, The findings of CIT(A) in this regard, do not fall within the definition of a speaking order. This issue being very crucial and the other issues raised, come as a sequel to this issue. After giving careful thought to the available material, I am of the considered opinion that this issue be restored to the file o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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