PRABHUNATH PRASAD THIKEDAR,BALLIA vs. DCIT, CIRCLE - 2, VARANASI

The assessee has filed this appeal challenging the order dated 28.11.2018 passed by Ld CIT(A), Varanasi and it relates to the assessment year 2015-16.

The assessee has sought for adjournment of the case. However, the Ld D.R submitted that the issue is related to estimation of income. He submitted that the assessee had agreed before the ld.CIT(A) that the AO has rightly rejected the books of account. However, the AO had estimated the profit at 9% of the turnover of the assessee as against 8% claimed by the assessee. Accordingly, he submitted that the appeal may be disposed of.

We notice that the case of the assessee before the Tribunal is that the actual interest income of Rs.13,72,848/- arising from FD has been added to the disclosed income, which actually formed part of business profit, i.e, it is the case of the assessee that the estimate made by the AO should include the above said interest income also. We notice that this plea of the assessee has not been adjudicated by the ld.CIT(A). Accordingly, we proposed to restore this matter to the file of the ld.CIT(A) and the ld. DR also agreed to the same.

Accordingly, we reject the adjournment request of the assessee and restore the matter to the file of the ld.CIT(A) for examining the above-said claim of the assessee afresh, after affording adequate opportunity of being heard.

In the result, the appeal filed by the assessee is treated as allowed for statistical purpose.