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TMI Blog2022 (8) TMI 1178X X X X Extracts X X X X X X X X Extracts X X X X ..... 3 of the Income-tax Act, 1961 (hereinafter referred to as the 'Act') dated 12.06.2014 by the DCIT, Circle-47, Kolkata. 2. The assessee has raised the following common grounds of appeal for the AY 2007-08:- 1. FOR THAT in the instant case the reason recorded for reopening is bad in law as the notice of reopening has no legs to stand and the edifice built on the basis of such invalid notice must fall. 2. FOR THAT Ld. CJT(A) was not justified in not dealing with the points of law in proper perspective and he has not correctly appreciated the appellant's arguments on legality of the proceedings. 3. FOR THAT the assumption of jurisdiction to reassess the case is bad in law in view of various legal pronouncement and settled principle ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or insolvency has taken place. For the facility of reference, we take note of this Rule which reads as under:- "26. Continuation of proceedings after the death or adjudication of a party to the appeal.- Where an assesses whether he be the appellant or the respondent to an appeal dies or is adjudicated insolvent or in the case of a company is being wound-up, the appeal shall not abate and may, if the assessee was the appellant, be continued by, and if he was the respondent be continued against, the executor, administrator or other legal representative of the assessee or by or against the assignee, receiver or liquidator, as the case may be." 5. A perusal of this Rule would indicate that even after the death of any party, namely, the app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stimated the profit for addition. The ld. CIT(A) further confirmed this addition. 8. We are of the considered view that for mis-match of figure of sales and inventory was duly replied by the assessee giving reconciliation of the sales figure and inventory value. The ld. AO without pointing out any error in such reconciliation nor pointing out any other mistake in the audited book result rejected the same. We, therefore, in the given facts and circumstances, find no merit in this action of the ld. CIT(A) confirming the action of the ld. AO rejecting the book results without assigning any plausible reason. We, therefore, reverse the finding of ld. CIT(A) and delete the addition of estimated profit of Rs.1,23,794/- made in the hands of the as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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