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Income Tax Appellate Tribunal, KOLKATA ‘SMC’ BENCH, KOLKATA
Before: Sri J. Sudhakar Reddy]
IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘SMC’ BENCH, KOLKATA [Before Sri J. Sudhakar Reddy, Accountant Member] Assessment Year: 2011-12 Aktar Ali…………….…………………………………………………………….…….……...Appellant Iswar Baha, Sahabgunj District-Hooghly PIN – 712 104 [PAN : AHDPA 2420 J] Income Tax Officer, Ward-24(1), Hooghly………...……………………..…. Respondent G.T. Road Chinsurah Hooghly - 712101 Appearances by: Shri Saumitra Choudhury, Advocate, appeared on behalf of the assessee. Shri Saurabh Kumar, Addl. CIT, DR appearing on behalf of the Revenue. Date of concluding the hearing : February 5th, 2018 Date of pronouncing the order : February 14th , 2018 O R D E R Per J. Sudhakar Reddy :-
This appeal filed by the assessee is directed against the order of the ld. Commissioner of Income Tax (Appeals)-6, Kolkata, (hereinafter the ‘ld. CIT (A)’), passed u/s 250 of the Income Tax Act, 1961 (the ‘Act’), dt. 17/05/2017.
The only issue that is argued before me is the percentage of net profit that has to be applied on the undisputed undisclosed sales of the assessee. The Assessing Officer estimated the net profit at 17.5 per cent. The assessee submits that the profit is not more than 8 per cent. A copy of the letter from the advocate and tax consultant, Mr. Suman Ray, filed before the revenue authorities is produced before us and it was submitted that due to the mistakes committed by the advocates and tax consultants, these discrepancies have crept in and resultantly, the assessee has suffered for no fault of his own.
After hearing rival submissions, I am of the considered opinion that interest of justice would be met if net profit on undisclosed sale is 2 Assessment Year: 2010-11 M/s. Arihant Nidhi estimated at 10 per cent of such sales. With these directions, I set aside this issue to the file of the Assessing Officer for computing the net profit at 10 per cent of the undisclosed sales.
In the result, appeal of the assessee is allowed for statistical purposes.