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Income Tax Appellate Tribunal, KOLKATA BENCH “SMC” KOLKATA
Before: Shri S.S, Godara
O R D E R This assessee’s appeal for assessment year 2013-14, arises against the Commissioner of Income-tax (Appeals)-15, Kolkata’s order dated 08.03.2018 passed in case No.370/CIT(A)-15/155-16/Wd-49(1)/Kol involving proceedings u/s. 145 r.w.s. 143(3) of the Income Tax Act, 1961; in short ‘the Act’. Heard both the parties. Case file perused.
Case file suggests at the outset that I need not dig into deeper in facts of the case since the issue between the parties is that of estimation of net profit only. The Assessing Officer treated assessee’s cash deposits other than in interest of ₹1,77,73,703/- to be turnover from assessee’s edible oil trading business. The taxpayer had declared net profit percentage thereupon @ 2.22%. The Assessing Officer rejected its books to be not indicating true picture to re-estimate the same @ 8% coming to ₹14,23,351/-. The CIT(A) has affirmed the same.