MANISHA SHASHIKANT DESHMUKH,BUXAR vs. ITO, WARD-2(5), BUXAR, BUXAR

ITA 155/PAT/2025Status: DisposedITAT Patna17 August 2026AY 2012-136 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal noted that the assessee failed to maintain books of accounts and get them audited, despite the turnover exceeding the threshold. Considering the low profit margins in the bullion business, the Tribunal decided to remit the issue back to the AO for fresh consideration.

What were the facts?

The assessee's appeal was delayed by 87 days, which the tribunal condoned. The Assessing Officer (AO) had reopened the assessment based on escaped income and made additions for profit on turnover and unexplained capital. The CIT(A) confirmed the profit addition and remanded the peak credit issue.

What were the issues?

The primary issue was the AO's estimation of income at 8% of turnover and the addition for unexplained capital. The assessee contended for a lower profit margin due to the nature of the bullion business.

Which sections of the Income-tax Act were involved?

Section 148,Section 143(2),Section 142(1),Section 44AD,Section 44AA,Section 44AB

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “DB” BENCH, PATNA

For Appellant: Shri DV Pathy, AR
For Respondent: Shri Ravi Kant, DR
Hearing: 29.06.2026Pronounced: 17.08.2026

PER LAXMI PRASAD SAHU, ACCOUNTANT MEMBER

This appeal is filed by the assessee against the orders passed u/s 250 of the Income Tax Act, 1961 (hereinafter referred to as “the Act”) by the National Faceless Appeal Centre, Delhi [hereinafter referred to as “the 2 Manisha Shashikant Deshmukh; A.Y. 2012-13 Ld. CIT(A)] dated 09.10.2024, DIN & Order No: ITBA/NFAC/S/250/2024-25/1069555247(1). The assessee has raised following grounds of appeal:

“(1) For that the learned appellate authority was not justified in confirming the determination of income @ 8% of total turnover of bullion (solid gold and not ornaments). (2) For that in two similar ca

The order continues below.

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