PRABIR DAS,SANTIRBAZAR vs. INCOME TAX OFFICER, WARD-UDAIPUR, UDAIPUR

ITA 196/GTY/2019Status: DisposedITAT Guwahati16 March 2021AY 2016-173 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal found merit in the assessee's contention that there was no basis for the AO to arrive at an NP rate of 11.29%. The Tribunal decided that an NP rate of 9% would be justified, modifying the AO's estimation.

What were the facts?

The assessee declared undisclosed sales and offered income on an estimation basis. The Assessing Officer (AO) applied a Net Profit (NP) rate of 11.29% on these undisclosed sales, which the assessee contested, arguing for a lower NP rate.

What were the issues?

The primary issue was the validity of the NP rate applied by the AO on undisclosed sales and whether the assessee's plea for a lower NP rate was justified.

Which sections of the Income-tax Act were involved?

Section 44AD

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, KOLKATA BENCH “SMC” GAUHATI

Before: Shri Sanjay Garg

The present appeal has been preferred by the assessee against the order dated 08-03-2019 of the Commissioner of Income-tax (Appeals), Shillong [hereinafter referred to as ‘CIT(A)’].

2.

None has put in appearance on behalf of the assessee despite service of notice, hence, I proceed to dispose of this case ex parte qua the assessee after hearing the Ld.DR.

3.

The assessee in this appeal has contested the validity of confirmation of addition of Rs. 17,72,312/- made by the Learned Assessing Officer ( in short, the’ Ld. AO’) by ta

The order continues below.

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