TMI Blog2017 (5) TMI 306X X X X Extracts X X X X X X X X Extracts X X X X ..... ng additions made by the Assessing Officer, more particularly, when the Assessing Officer did not reject the audited books of accounts produced and relied upon by the respondent – assessee. So far as the estimation of the GP at 13% on ₹ 65 lakhs is concerned, it is required to be noted that on the basis of the incriminating material, the learned CIT(A) directed to make the addition in the hands of the respondent – assessee of ₹ 65 lakhs. On appreciation of evidence and on the basis of the estimation the learned CIT(A) determined the GP at 13% and the same has been confirmed by the learned tribunal. By giving cogent reasons and on estimation basis, which is permissible, when the learned CIT(A) estimated the GP at 13% of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ss premises of the assessee was not satisfactorily explained by the assessee and as per the provision of Section 292C (1)(ii) the content of such documents are presumed to the true unless proved otherwise by the assesee? (B) Whether on the facts and circumstances of the case and in law, the ITAT is justified in holding that the CIT(A) has passed a detailed and reasoned order without appreciating the fact that the CIT(A) directed the AO to make addition @ 13% of the transaction amount paid to the Director of Alok Industries without assigning any reason for arriving at the said rate of 13%? [3.0] The facts leading to the present Tax Appeals in nutshell are as under; [3.1] The respondent assessee filed return of income for t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed with the impugned common judgment and order passed by the learned tribunal, revenue has preferred the present Tax Appeals with the aforestated substantial questions of law. [4.0] We have heard Shri Sudhir Mehta, learned advocate appearing on behalf of the revenue at length. We have also considered and perused the assessment orders passed by the Assessing Officer. We have also perused and considered the orders passed by the learned CIT(A) as well as the learned tribunal. [4.1] From the material on record, it appears that the Assessing Officer made the additions solely on the basis of the documents seized during the course of survey. However, the Assessing Officer did not specifically reject the audited books of accounts produced by ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
