TMI Blog2018 (9) TMI 1759X X X X Extracts X X X X X X X X Extracts X X X X ..... ase and in the interest of justice we deem it proper to restore the matter back to the file of the Assessing Officer with a direction to grant one final opportunity to the assessee to substantiate his case. Assessee is also hereby directed to produce the books of accounts and audit report before the AO and substantiate the various expenses claimed in the profit & loss and sundry creditors and other items shown in the balance sheet to the satisfaction of the Assessing Officer failing which the AO shall pass appropriate order as per law. Needless to say the Assessing Officer shall give due opportunity of being to the assessee. - ITA No.1843/Del/2015, Cross objection No.233/Del/2016 - - - Dated:- 27-9-2018 - Sh. R.K. Panda, Accountant Membe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee has also shown proprietors capital amounting to ₹ 3,31,61,602/-. Source of funds needs to be verified. 3. The assessee has shown Unsecured loans ₹ 1,89,00,000/- which are very high require verification of genuineness. 4. The assessee has shown Sundry debtors and creditors at ₹ 25,60,342/- 7,95,143/- which require verification of genuineness. 5. Fixed assets shown are ₹ 34,95,591/- Facts need to be examined. 3. The Assessing Officer during the course of assessment proceedings asked the assessee to produce the information/ details as per questionnaire. Since the assessee during the assessment proceedings failed to produce the books of accounts on the pretext that these are misplaced and failed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, the profit of the appellant from business is estimated at ₹ 15,84,676/- - (5% of 3,16,93,527/-) and the additions/ disallowance made by the Assessing Officer is deleted. The appellant s income is to be taken as ₹ 15,84,676/- instead of ₹ 6,05,122/- taken in the computation of the assessment order based on the net profit shown in the Profit Loss Account filed along with the return of income. No relied for deduction under section 80D or 80 G is to be granted as no evidence regarding these payments were submitted by the appellant even during the appellate proceedings. Thus, the appellant gets a relief of ₹ 2,40,59,190/- (assessed income of ₹ 25643866- 1584676) and only the addition of ₹ 15,84,676/- made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oduced for which the Assessing Officer made huge additions. He submitted that despite giving various details before the CIT (A) he did not admit the additional evidences and estimated the income at 5% of the turnover and thereby sustained addition of ₹ 15,84,676/-. He submitted that in the interest of justice this matter should be restored back to the file of the Assessing Officer with a direction to give one final opportunity to the assessee to substantiate his case. 7. The Ld. DR on the other hand while supporting the order of the Assessing Officer submitted that despite repeated opportunities granted by the Assessing Officer, the assessee never produced the requisite details. Therefore, the matter need not be restored back to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er to restore the matter back to the file of the Assessing Officer with a direction to grant one final opportunity to the assessee to substantiate his case. The assessee is also hereby directed to produce the books of accounts and audit report before the Assessing Officer and substantiate the various expenses claimed in the profit loss and sundry creditors and other items shown in the balance sheet to the satisfaction of the Assessing Officer failing which the Assessing Officer shall pass appropriate order as per law. Needless to say the Assessing Officer shall give due opportunity of being to the assessee. We hold and direct accordingly. 10. The grounds raised by the revenue and the grounds of cross objection raised by the assessee ar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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