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2016 (9) TMI 301 - RAJASTHAN HIGH COURT

2016 (9) TMI 301 - RAJASTHAN HIGH COURT - TMI - Enhancement of income - Held that:- While accepting the books of accounts, estimating the income to ₹ 1,00,000/- by the ld.Tribunal is not permissible in law & the Tribunal ought not to have estimated income having accepted books of accounts. - Decided in favour of assessee. - D.B. Income Tax Appeal (ITA) No. 21/2001 - Dated:- 31-8-2016 - K. S. Jhaveri And Ajay Rastogi, JJ. Mr.P.K.Kasliwal, Counsel for appellant Mr.R.B.Mathur Mr.Nikhil Simlot .....

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owed in part by the CIT (Appeals). 3. Being aggrieved by the said order, the assessee has preferred appeal before the ld.Tribunal. The ld.Tribunal has looked into the books of accounts and after verification by the representative of department, has delivered the judgment estimating the income to ₹ 1,00,000/-. 4. The counsel for appellant merely contended that having accepted the books of accounts, the ld.Tribunal has not assigned any reason or basis for estimating the income to ₹ 1,0 .....

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en us to the provisions of Sec.145(2) which read as under:- 145(2). The Central Government may notify in the Official Gazette from time to time income computation and disclosure standards to be followed by any class of assessees or in respect of any class of income. 7. Counsel for appellant contended that having accepted the books of accounts, the Tribunal could not have estimated the income of ₹ 1,00,000/- and while estimating the income ought to have given cogent reasons and no reasons a .....

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