ANMOL PLYWOOD INDUSTRIES,VILLAGE TAJAKPUR vs. ITO, YAMUNANAGAR

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ITA 387/CHANDI/2026Status: DisposedITAT Chandigarh24 June 2026AY 2020-216 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal acknowledged the assessee's non-compliance but granted a final opportunity to substantiate its case with evidence, setting aside the lower authorities' orders. The matter was restored to the AO for fresh adjudication.

What were the facts?

The assessee appealed against the CIT(A)'s order which upheld the assessed income of Rs. 25,20,261/- against a returned income of Rs. 1,22,550/-. The lower authorities rejected the assessee's book results and applied an 8% profit rate on gross receipts due to non-compliance and lack of evidence.

What were the issues?

Whether the estimation of income by applying a net profit rate of 8% on total receipts was justified given the assessee's failure to provide supporting documentary evidence and the need for a final opportunity to present its case.

Which sections of the Income-tax Act were involved?

Section 144,Section 144B

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, BENCH, ‘SMC’ CHANDIGARH

Before: SHRI LALIET KUMAR

For Appellant: Shri Ajay Jain, C.A
For Respondent: Shri Vivek Vardhan, Addl. CIT, Sr.DR
Hearing: 23.06.2026Pronounced: 24.06.2026

आदेश क� �ितिलिप अ�ेिषत/ Copy of the order forwarded to :

1.

अपीलाथ�/ The Appellant 2. ��यथ�/ The Respondent 3. आयकर आयु�/ CIT 4. िवभागीय �ितिनिध, आयकर अपीलीय आिधकरण, च�डीगढ़/ DR, ITAT, CHANDIGARH 5. गाड� फाईल/ Guard File

सहायक पंजीकार/ Assistant Registrar

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