TMI Blog2023 (6) TMI 1284X X X X Extracts X X X X X X X X Extracts X X X X ..... lions and jewellery of the assessee u/s 145(3) of the Act by invoking the provisions of Section 145(3) of the Act as the assessee did not produced books of account, bills/vouchers of all the expenses even before us and the addition made by the AO amounting is hereby confirmed - Decided against assessee. - ITA No. 44/JPR/2023 - - - Dated:- 28-6-2023 - Dr. S. Seethalakshmi, JM And Shri Rathod Kamlesh Jayantbhai, AM For the Assessee : None For the Revenue : Smt. Monisha Chourdhary (Addl.CIT) ORDER PER: DR. S. SEETHALAKSHMI, J.M. This appeal is filed by the assessee aggrieved from the order of the National Faceless Appeal Centre, Delhi [herein after referred to as NFAC/CIT(A) ] for the assessment year 2016-17 date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... led the appeal before the ld. CIT(A). The ld. CIT(A) after hearing the contention of the assessee dismissed the appeal of the assessee by giving following findings on the issue:- 6.3 I have perused the matter and the relevant factors to be considered in this case including the surrounding circumstances, objective facts, evidences adduced and material available on record. 6.4 In this regard, the appellant's submission is that the appellant had prepared complete books of accounts and submitted all relevant details during the assessment proceedings including ledger for unsecured loans, creditors, fixed assets, loans advances, stock summary, sales and expenses ledgers. Further, he has stated that the appellant has maintained reg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l Government in the Official Gazette, be computed in accordance with either cash or mercantile system of accounting regularly employed by the assessee, Subsection 3 of Section 145 lays down that where the Assessing Officer is not satisfied about the correctness or completeness of the accounts of the assessee, or where the method of accounting namely cash or mercantile systems or accounting standards as notified by the Central Government, have not been regularly followed by the assessee, the Assessing Officer may make an assessment in the manner provided in Section 144 of the Income Tax Act, 1961. 6.7 In view of the above and on the basis of the detailed findings and reasons given by the AO in his assessment order, which have not been e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the assessee has filed part reply. We observed that the ld. AR for the assessee has not produced books of account, bills/vouchers of all the expenses debited in Profit and loss account in the assessment proceedings and the ld. CIT(A). The Assessing Officer arrived the finding in absence of books of accounts of trading of bullions and jewellery so debited in the profit and loss account could not be justified, where the Assessing Officer is not satisfied and relied by the Hon ble Supreme Court in case of CIT vs. K.Y. Pillaih and Sonce (1967) 63 ITR 411 (SC) and CIT vs. Surjit Singh Mahesh Kumar (1994) 210 ITR 83 (All H.C.) , wherein it was held that where books of account are rejected or not produced, then AO may compute the profits by app ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
