AXIOM ASSOCIATES,NEW DELHI vs. INCOME TAX OFFICER, WARD 50(1), NEW DELHI
Before: SHRI SATBEER SINGH GODARAAssessment Year: 2018-19
This assessee’s appeal for assessment year 2018-19, arises against the Commissioner of Income Tax (Appeals)/National
Faceless Appeal Centre [in short, the “CIT(A)/NFAC”], Delhi’s DIN and order no. ITBA/NFAC/S/250/2025-26/1076265828(1), dated
16.05.2025 involving proceedings under section 143(3) of the Income-tax Act, 1961 (hereinafter referred to as ‘the Act’).
Heard both the parties. Case file perused.
2. It emerges at the outset that there is hardly much a need for the tribunal to delve with the relevant factual matrix at length. This Assessee by Sh. Tarun Kapoor, CA
Sh. J.C. Kapoor, CA
Department by Sh. Manoj Kumar, Sr. DR
Date of hearing
21.08.2025
Date of pronouncement
21.08.2025
2 | P a g e is for the precise reason that the assessee herein is aggrieved against both the lower authorities’ action inter alia rejecting its books under section 145(3) of the Act followed by its profit estimation @ 7%; in assessment order, as upheld in the lower appellant discussion.
3. It is next noticed that so far as the impugned GP estimation is concerned, the assessee stood assessed @ 2.06% in retail loan business agent activity in the preceding assessment year 2017-18
and @ 1.82 in AY 2016-17 involving section 143(3) assessment as evident from the records. That being case and in the larger interest of justice, it is deemed appropriate that a lumpsum profit rate of 2.25% herein in these peculiar facts would be just and proper with a rider that the same shall not he treated as a precedent. Necessary computation shall follow as per law.
No other ground or argument has been pressed.
4. This assessee’s appeal is partly allowed.
Order pronounced in the open court on 21st August, 2025 (SATBEER SINGH GODARA)
JUDICIAL MEMBER
Dated: 21st August, 2025. RK/-