9911796707
TMI Blog2014 (4) TMI 521X X X X Extracts X X X X X X X X Extracts X X X X ..... he account of IOC, cash payment of unexplained liability and estimated income from tanker lorry. 3. Facts apropos are that assessee, a trader of High Speed Diesel, had filed her return for the impugned assessment year on 30.10.2006 declaring a loss of Rs.43,930/-. Assessing Officer issued notices under sect ion 133(2) and 142(1) of the Act. Assessee was required to produce books of accounts and supporting records. However, she failed to produce books of accounts and supporting documents. There was no satisfactory explanation given for such non-production. Assessing officer, therefore, completed the proceedings under section 144 of the Act. Books were rejected and gross profit of assesee from trading business was estimated at the rate of 1. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Against this M/s. IOC Ltd. had accounted only one draft. As per the statement of IOC, a sum of Rs.11,45,414 was due from the assessee. He concluded that there was a difference of closing balance of Rs.15,10,828/- and made an addition accordingly. 7. Assessing Officer also found that the assessee had claimed liability of Rs.6,70,500/- during financial year 2005-06. According to him this liability was not properly explained and addition was made for such amount also as unexplained. An addition of Rs.7,000/- was also made under section 44AE for a Tanker Lorry owned by the assessee. 8. Assessee moved in appeal aggrieved on the additions before ld. CIT(Appeals). Ld. CIT(Appeals) was of the opinion that the addition in so far as estimation of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) has deleted all other additions. 9. Now before us, ld. D.R. strongly assailing the order of CIT(Appeals) submitted that estimation of income by adoption of gross profit rate would not disentitle the Assessing Officer from making further additions, when proper reasons were given for such addition. 10. Per contra ld. A.R. supported the order of CIT(Appeals). 11. We have heard the submissions of both the parties and perused the material available on record. From the record, we find that CIT(Appeals) had confirmed the addition made by the Assessing Officer estimating the gross profit rate at 1.83% as against 1.13% of the turnover shown by the assessee. Assessee had not produced books of accounts before the Assessing Officer. Books of accou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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