RAMESH CHAND RANA,SOUTH DELHI vs. ITO, WARD-52(2), DELHI
Income Tax Appellate Tribunal, DELHI BENCH ‘SMC’, NEW DELHI
Before: Sh. Satbeer Singh Godara
This assessee’s appeal for Assessment Year 2017-18, arises against the CIT(A)/NFAC, Delhi’s DIN & order No. ITBA /
NFAC /S / 250 / 2022-23 / 1050227806(1) dated 28.02.2023, in proceedings u/s 143(1) r.w.s. 264 of the Income Tax Act, 1961
(in short “the Act”).
Heard both the parties at length. Case file perused.
Learned Sr. DR vehemently argues during the course of hearing that both the learned lower authorities herein have rightly added the assessee’s gross profit(s) of Rs.4,70,442/- @ 85% of his gross turnover in sale of milk and allied products on mother dairy booth; coming to Rs.4,70,442/- which deserve to be upheld. He further buttresses the point that the assessee has already been given benefit of 15% expenditure/wastage as well Ramesh Chand Rana
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despite the fact that no such details had been filed in the lower proceedings.
I have given my thoughtful consideration to the assessee’s pleadings and Revenue’s foregoing vehement contentions. I am of the considered view that neither party’s submissions herein deserve to be accepted in entirety as the assessee on the one hand has not been pleaded and prove his supportive evidence qua business expenditure claim nor the department could draw any comparable in the very line of business for assessing him at such a huge profit margin of 85% (supra). I therefore deem it appropriate in the larger interest of justice to assess assessee’s foregoing turnover to a lump sum estimated rate of 8% with a rider that the same shall not be treated as a precedent. Learned assessing authority shall finalize his computation in very terms. Ordered accordingly.
This assessee’s appeal is partly allowed. Order Pronounced in the Open Court on 01/01/2025. (Satbeer Singh Godara)
Judicial Member
Dated: 01/01/2025
*Subodh Kumar, Sr. PS*