TMI Blog2008 (1) TMI 354X X X X Extracts X X X X X X X X Extracts X X X X ..... sion on estimation basis – addition made on assumption of facts, is not justified, hence they are set aside - remand the matter to the Assessing Officer for reconsideration - petitioner is directed to produce books of accounts - 13 of 2001 - - - Dated:- 14-1-2008 - C. N. RAMACHANDRAN NAIR and T. R. RAMACHANDRAN NAIR JJ. P. K. R. Menon and George K. George for the appellant. T. M. Sreed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it and loss account filed, assessment should have been completed under Section 144 as provided under Section 145(3) of the Income Tax Act and not under Section 143(3). However, the Assessing Officer has accepted the profit and loss account and made certain additions based on a guess work. However, he has made addition towards undistributed dividend by reference to Section 41(1) of the Income Tax A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. Veethapalisa is normally distributed among subscribers who remit the kury amount in time and once subscribers forfeit the benefit, it goes to the foreman. So far as foreman's commission is concerned, it is not known what is the date on which petitioner credited it. It may be credited on the date of auction or on the date of payment to the successful bidder i.e., the date on which prize amount i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceipt of copy of this judgment. If books are not available at this distance of time and the assessee is in business, the Assessing Officer can find out the practice followed by the assessee in the following years accepted in assessments and if in the later period assessee's claim was accepted, then there is no scope for addition for this year also. 3. The appeal is disposed of as above. - - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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