2014 (4) TMI 342

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....ellant. 1. 2 It is submitted that the relevant record consisting of bills, vouchers etc. was lost during the floods in July, 2005. Thus, non production of such supporting documents was neither intentional nor deliberate and hence, the learned Assessing Officer was not justified in rejecting the books of account under Section 145(3) of the Act. 1. 3 It is submitted that even if the book results are rejected and income is estimated, one cannot loose sight of the past record and history of the assessee to arrive at the % of income to be estimated. In view of the above, the appellant prays that the estimation of income @ 7% of turnover is excessive, unreasonable and unwarranted and accordingly, the same be reduced considerably keeping ....

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....to job-sites at Nasik and Chhindwara appeal could not be filed in time, that during the first week of January 2011, he realised the lapse, that on 07. 01. 2011 he forwarded the order of the First Appellate Authority(FAA)to his Chartered Accountant(C. A), that the C. A. in turn consulted M/s. AMJ & Company who filed the appeal before the Tribunal, that delay was neither intentional nor deliberate, that it was because of over site and inadvertence, that delay should be condoned. Before us, Authorised Representative (AR) of the assessee reiterated the submissions made by the M. D. He further stated that at that time M. D. was out of Mumbai regularly, that no other responsible person was present in the office at that time. He relied upon the or....

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.... and vouchers. Considering the discrepancies of the books of account, he held that net profit rate of 7% of the turnover (Rs. 6. 02 Crores) would be reasonable income to be taxed for the year under appeal. Accordingly, he assessed the income of Rs. 42, 17, 941/-. 3. 1. Aggrieved by the order of the AO, assessee preferred an appeal before the FAA. After considering the submissions of the assessee, he held that in absence of supporting documents of expenses there was no other alternative left to the AO to estimate the income after rejecting the books results, that there was no infirmity in the order of the AO. Finally, he confirmed the action of the AO about rejecting the books results and estimating the income at rate of 7% of the turnove....

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.... assessee. 4. Ground No. 2 is about enhancement of income for violation of provisions of section 40(a)(ia) of the Act. During the appellate proceedings, FAA found that assessee had failed to deduct TDS on the payment of transport charges of Rs. 12, 64, 942/- and professional and legal charges of Rs. 1. 31 lacs, that the AO had omitted to disallow the expenditure and to add it to the returned income. It was argued before the FAA that income of the assessee should be enhanced by Rs. 13. 95 lacs. As per the FAA, AR of the assessee signed an order-sheet agreeing for the said disallowance. Accordingly, he directed the AO to make an addition of Rs. 13. 95 lacs to the income of the assessee. 4. 1 Before us, AR submitted that in the case of e....