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2015 (4) TMI 59 - BOMBAY HIGH COURT

2015 (4) TMI 59 - BOMBAY HIGH COURT - TMI - Reduction in profit - ITAT upholding the decision of the CIT(Appeals) in reducing the profit of the assessee from 30% to 10% in respect of profit from M/s.Lameens Entertainment and from 30% to 15% in the case of Dress Designer account - Held that:- Commissioner of Income Tax (Appeals) and the Tribunal, both, has reached the concurrent finding of fact that the profits has restricted to 10% of the gross receipts received from M/s.Lamee's Entertainmen .....

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ities by the respondent-assessee. The aforesaid concurrent finding of the Authorities are finding of fact and have not been shown to be perverse or arbitrary in any manner. The conclusion reached by the Authorities under the Act are reasonable, we see no reason to interfere with the same - Decided against revenue. - Income Tax Appeal No. 1029 of 2013 - Dated:- 10-3-2015 - M. S. Sanklecha And G. S. Kulkarni,JJ. For the Appellant : Ms S V Bharucha For the Respondent : None ORDER P.C. 1. This appea .....

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(Appeals) in reducing the profit of the assessee from 30% to 10% in respect of profit from M/s.Lameens Entertainment without appreciating the fact that the books of accounts of the assessee is not reliable which has been rejected and the income of the assessee correctly estimated by the Assessing Officer ? (B) Whether on the facts and in the circumstances of the case and in law the Income Tax Appellate Tribunal justified in upholding the decision of the Commissioner of Income Tax (Appeals) in r .....

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9.60,000/- to the assessee, without appreciating the fact that in spite of providing ample opportunities the assessee has not complied to the notices during assessment proceeding and the CIT (Appeals) ought to have rejected the claim of the assessee during the appeal proceedings being contravention to Rule 46A(1) of the Income Tax Rules,1962 ?" 2. The respondent-assessee is engaged in the activities of dress designing and T.V.Serial productions. For the Assessment Year 2003-04 the responden .....

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receipts of ₹ 97.96 lakhs on account of Lamee's Entertainment Factory a TV serial production company ignoring expenses of ₹ 81.71 lakhs claimed by the respondent. Similarly, so far as the activities of dress designing is concerned, the respondent had showed gross receipts of ₹ 15.23 lakhs and claimed expenditure of ₹ 13.08 lakhs. However, the Assessing Officer disregarded the expenditure and estimated net profit at 30% on gross receipts of ₹ 15.23 lakhs. So also .....

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expenditures incurred have not been taken into account because of the fact that the bills in respect of expenditure have been forwarded to the Assessing Officer for remand report. However, no remand report on that count has been placed on record by the Assessing Officer. So far as the gifts are concerned, the Commissioner of Income Tax (Appeals) while deciding the appeal held that the gift of ₹ 9,60,000/- received by the respondent-assessee from her sister was genuine as same came out of a .....

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