TMI Blog2013 (12) TMI 410X X X X Extracts X X X X X X X X Extracts X X X X ..... or fresh adjudication. - ITA No. 1397/HYD/2012 - - - Dated:- 31-1-2013 - Shri Chandra Poojari And Smt. Asha Vijayaraghavan,JJ. For the Appellant : Shri K. C. Devadas For the Respondent : Shri M. H. Naik ORDER Per Asha Vijayaraghavan, J.M. This appeal preferred by the assessee is directed against the order of CIT(A)-IV, Hyderabad, dated 27/12/2011 for the assessment year 2007-08. 2. Briefly the facts of the case are that the assessee filed its return of income on 04/12/2007 declaring income of Rs. 2,93,898/-. The case was selected for scrutiny and statutory notices were issued. No details were furnished and nobody attended for hearing. The assessment was completed u/s 144 of the Act. 3. During the year under considera ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... conducted by the police authorities. The assessee submitted that due to huge losses incurred by it, the business had been closed long back. It was averred that though there was huge turnover in the years when the business was conducted, the profit margin was very meager. The assessee contended that similar scrutiny assessments had been completed in its case for the AY2005-06 and 2006-07, wherein all the relevant books of accounts/information was furnished and after thorough verification thereof, the income returned by the assessee had been accepted. The assessee pointed out that for the year consideration the books of account, vouchers, etc. were lost in fire accident. The assessee argued that the AO did not consider the facts of the case o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roduce them before the lower authorities." 8. Before us, the learned counsel for the assessee reiterated the submissions made before the CIT(A) and also filed statement showing the gross turnovers, net profits and the NP% from AY 2005-06 to 2008-09, which is as follows: S.No. AY Gross Profit Taxable N.P. Remarks Turnover as per income Ratio P L (%) 1 2005-06 287686848 135290 135290 0.05 Assessment completed 2 2006-07 304120696 295626 293898 0.10 -do- 3 2007-08 357519346 635904 643436 0.18 Under appeal 4 2008-09 499213476 226041 233878 0.05 Return filed 9. The learned DR, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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