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2018 (3) TMI 469

accounts was a just and logical conclusion and no fault could be found for invoking Section 145(3) of the Act. As far as the assessment of income of the assessee is concerned, the law is well settled that once the books of accounts of the assessee are rejected the best way to assess the income of the assessee is to go by the past history in the assessee’s own case. CIT(A), in our view, has taken note of the past history in the assessee’s own case and has rightly come to a conclusion that the estimation of profit at 14.5 per cent of the receipts would be just and proper in the facts and circumstances of the case. - I.T.A. No. 582/Kol/2015, I.T.A. No. 583/Kol/2015 - Dated:- 1-3-2018 - Shri N.V. Vasudevan, Hon ble Judicial Member And Shri Wase .....

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f accounts and made an assessment u/s 145(3) of the Act, as follows:- 4. In view of the entire facts and circumstances of the case, accounts of the assesse are found to be not correct and are rejected accordingly u/s 145(3) of the Act and income is assessed as under:- Particulars Expenses allowed Particulars Amount Accounting charges 24000 Commission received 18828903 Bank Commission and charges 8206 Intt on loan 130300 Audit fee 30000 Electricity Charges 145050 Depreciation 646370 Rent 100000 Other General Expenses 1737112 Salary Expenses 2154000 Net Profit 14124465 18969203 18969203 Income is assessed at ₹ 1,41,24,465/- as above. 3.1. In Assessment Year 2011-12, assessee had filed the return of income of ₹ 26,98,245/-. For alm .....

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425966 3216160 143(3) 13.04 15.74 4.1. He found from the above details that profit of the assessee was ranging between 9.85 per cent to 14.62 per cent in the earlier years. Taking into consideration the turnover of business of the assessee and the findings in the order of the Assessing Officer and the written submissions of the assesse, the ld. CIT(A) was of the view that it would be reasonable to estimate the profit of the assessee at 14.5 per cent of the turnover. 4.2. As far as the Assessment Year 2011-12 is concerned, the ld. CIT(A) was of the view that the books of account of the assessee were not reliable and he, therefore, rejected the book results and made an estimation of the profits of the assessee u/s 145 (3) of the Act. He found .....

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