TMI Blog2018 (11) TMI 1884X X X X Extracts X X X X X X X X Extracts X X X X ..... e fact the CIT(A) has gone by his findings in earlier assessment years thereby adopting the judicial consistency. The said estimation in earlier assessment years has admittedly attained finality. There is no other material to dispute correctness thereof failed during the course of hearing. We therefore find no fault in CIT(A) s action estimating the assessee s income @ 0.4% of its turnover. Di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dings u/s. 144/264 of the Income Tax Act, 1961; in short the Act . Case called twice. None appears at assessee s behest. It is accordingly proceed ex parte. 2. The Revenue raises two substantive grounds in its instant appeal. Its former grievance pleads that CIT(A) has erred in estimating assessee s income @ 0.4% of the total turnover of ₹48,47,08,894/- without appreciating the relevant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... item 9(a) (b). It also appears that Tax Audit Report has been submitted by Auditor after due examination of all the books of account as specified therein. 5.3 I find from the particulars available at Schedule 12 that ₹6,64,83,650/- was debited in the P L A/c as incentive to agents. The payment of incentives to agents cannot be equated as commission payments by any means. Hence, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rofit rends in this line of business, I am of the view that book profit declared is liable to be rejected. The income of the company may be estimated keeping in view materials available on record. In this regard, I have already decided the appellant s appeal for the AYs 2001- 11 2011-12 by adopting the theory of estimation. Following the same principle, total income is estimated @ 0.4% of total ..... X X X X Extracts X X X X X X X X Extracts X X X X
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