OPPORTUNE TEXFAB P. LTD,NAVI MUMBAI vs. ITO WD 15(3)(3), MUMBAI

The present Appeal filed by the assesseeis against the order of Ld. CIT (Appeal) – 24, Mumbai dated 21.12.16 for AY 2012-13.

At the very outset, it is noticed that none has appeared on behalf of assessee in spite of several calls and even no application for adjournment was moved. On the other hand Ld. DR is present in the court and is ready with arguments. Therefore we have decided to proceed with the hearing of the case ex-parte with the assistance of the Ld. DR and the material placed on record.

The brief facts of the case are that the assessee is company engaged in the business as dealers in textile fabrics. The return of income for the year under consideration was filed on 27.09.12 declaring income of Rs. 23,198. Assessment u/s 144(1) was completed by the AO on 27.03.15. Aggrieved by the order of AO, assessee preferred appeal before Ld. CIT(A) and Ld. CIT(A) after considering the case of both the parties, dismissed the appeal of the assessee.

The solitary ground raised by the assessee relates to challenging the order of Ld. CIT(A) in confirming total income of the assessee at Rs. 1,80,16,755/- by estimating adhoc net profit being 2% of the total turnover.

We have heard Ld. DR and we have also perused the material placed on record well as the orders passed by revenue authorities. We find that Ld. CIT(A) has dealt with the above ground raised by the assessee in para no. 2.4 to 2.4.2 of its detailed order and after having gone through the orders passed by revenue authorities, we find from the records that assessee had not appeared nor filed any documents in order to substantiate its claim, therefore AO made assessment u/s 144(1) of the I.T. Act after rejecting the books of account and estimated the profit @ 2% of the gross turnover. Ld. CIT(A) upheld the decision of AO as no new facts or documents were produced by the assessee. Therefore, Ld. CIT(A) has rightly passed its reasoned order.