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Income Tax Appellate Tribunal, HYDERABAD ‘A’ BENCH, HYDERABAD.
O R D E R Per Shri S.S. Godara, J.M. : This assessee’s appeal for Asst. Year 2012-13 arises from the Commissioner of Income Tax (Appeals)-3, Hyderabad’s order dt.15.05.2020 passed in case No.10264/2015-16/B1/CIT(A)-3 in proceedings under Section 144 of Income Tax Act, 1961 (‘the Act’).
Heard both the parties. Case file perused.
Coming to the assessee's sole substantive grievance that both the lower authorities have erred in law and on facts in rejecting its books of accounts thereby estimating income @ 12.5% of the expenses; coming to Rs.99,49,698 involving gross receipts of Rs.7,95,97,587; we find no reason to agree with either parties’ submission in entirety. This is for the reason that the assessee although has claimed to have filed all the relevant details of its textile business, it could not substantiate the corresponding expenses. The same is the case with the Revenue’s stand wherein there is no discussion found in either of the lower authorities’ order adopting any comparable entity in the very business for arriving at 12.5% estimated margin in issue. Faced with this situation, we deem it appropriate to restore the assessee's instant substantive grievance back to the Assessing Officer for his afresh adjudication on merits. Learned counsel at this stage pointed out the fact that the assessee has been denied set off of losses as well. We
Assessing Officer shall also examine instant latter grievance in the consequential proceedings as per law. It is further made clear that the assessee shall file all the relevant details at his own risk and responsibility to be followed by three effective opportunities of hearing. Ordered accordingly. 3. This assessee's appeal is allowed for statistical purposes, in above terms.