SAUNAK MITRA,KOLKATA vs. ACIT, CIR-25, KOLKATA, KOLKATA

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ITA 1252/KOL/2017Status: DisposedITAT Kolkata08 October 2018AY 2009-105 pages
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What did the Tribunal hold?

The tribunal upheld the rejection of the books of accounts but found the 8% profit estimation to be too high. Considering the assessee's past profit history, the tribunal restricted the net profit estimation to 6%.

What were the facts?

The assessee's books of accounts were rejected by the CIT(A) due to unreconciled debtors and creditors, leading to an estimation of profit at 8%. The assessee appealed this, arguing the estimation was erroneous and without comparable data.

What were the issues?

Whether the estimation of profit by the CIT(A) was justified and if a separate disallowance could be made after estimating profit.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 40(a)(ia),Section 194C,Section 143(1),Section 143(2),Section 29,Section 30,Section 43D,Section 40,Section 145,Section 40(b)

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Income Tax Appellate Tribunal, “D”, BENCH KOLKATA

Before: SHRI S. S. GODARA, JM & DR. A.L. SAINI, AM

For Appellant: Shri K. M. Roy, FCA
For Respondent: Shri A. Bhattacharjee, Addl. CIT
Hearing: 12/07/2018Pronounced: 08/10/2018

आदेश क� ��त�ल�प अ�े�षत/Copy of the Order forwarded to : अपीलाथ� / The Appellant- Saunak Mitra 1. ��यथ� / The Respondent.- ACIT, Circle-25, Kolkata 2. आयकर आयु�त(अपील) / The CIT(A), 3. आयकर आयु�त / CIT 4. 5. �वभागीय ��त�न�ध, आयकर अपील�य अ�धकरण, कोलकाता / DR, ITAT, Kolkata 6. गाड� फाईल / Guard file.

//True Copy// By Order

Senior Private Secretary, Head of Office/D.D.O, I.T.A.T, Kolkata Benches, Kolkata.

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