M/S SAT KARTAR MINING & ALLIED SERVICES P. LTD.,BILASPUR(CG) vs. JCIT, RANGE 2, BILASPUR(CG)

ITA 86/BIL/2015Status: DisposedITAT Raipur17 August 2018AY 2010-117 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal found merit in the assessee's argument regarding past accepted book results and comparable cases. It directed that a net profit of 3.2% would meet the ends of justice, partly allowing the appeal.

What were the facts?

The assessee, a transport company, declared a net profit of 3.03% on its contract receipts. The Assessing Officer rejected the book results due to discrepancies and estimated the net profit at 7%. The CIT(A) reduced this to 5%.

What were the issues?

Whether the Assessing Officer was justified in rejecting the book results and estimating the net profit, and whether disallowance under Section 40(a)(ia) was appropriate without verifying payee's tax compliance.

Which sections of the Income-tax Act were involved?

Section 145(3),Section 40(a)(ia)

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(1)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, RAIPUR BENCH, RAIPUR

Before: SHRI R. K. PANDA & MS. SUCHITRA KAMBLE

For Appellant: Shri G. S. Agrawal, CA, Shri V. B. Sargar, DR

PER R. K. PANDA, AM : This appeal filed by the assessee is directed against the order dated

23.03.

2015 of the ld. CIT(A), Bilaspur (CG) relating to assessment year

2010-11. 2. Ground of appeal nos.1 and 2 by the assessee reads as under :- “1. That under the facts & law, the learned Commissioner of Income Tax (Appeals) erred in confirming the observation of the learned Assessing Officer that the provisions of Sec.145(3) were applicable for rejection of book results and estimating the income on the basis of turnover. Prayed that provisions of Sec.145(3) are not applicable and book results be accepted.

2.

That under the facts & law, the learned Commissioner of Income Tax (Appeals) fu

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 145(3)

All 3,640 judgments and leading authorities on Section 145(3) →

Recent GST High Court judgments

Search GST case law →