TaxTMI 
TaxTMI 
2009 (11) TMI 399
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....ndent. JUDGMENT C. N. Ramachandran Nair J.- The connected appeals arise from the common order of the Income-tax Appellate Tribunal disposing of the appeals filed by the assessee as well as the Department against the modification of the income determined by the Assessing Officer for the assessment year 1997-98 by the Commissioner of Income-tax (Appeals). The assessee was engaged as contract....
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....the assessee's case of loss of books of account and called for written statement on sources of fund, allocation of fund, cash-flow statement etc. The assessee failed to produce any of the records, books of account and the statements called for by the officer. Therefore, he was left with no option, but to make the best judgment assessment under section 144 of the Income-tax Act, 1961, by making add....
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....peals before the Tribunal. 2. The Tribunal, after hearing both sides, dismissed the appeals by a common order holding that in the absence of books of account and details furnished by the assessee, the officer was left with no choice, but to complete the assessment under section 144. Therefore, in principle, the order of the Commissioner of Income-tax (Appeals), rejecting the assessee's demand for....
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.... assessee did not produce the books of account and even claimed that books of account were destroyed in fire. So much so, the best judgment assessment is the only solution in the assessee's case and the final fact finding authority refixed the net income at 10 per cent. net of depreciation which is a little over the rate provided for small contractors in section 44AD. This court has no authority t....