2015 (10) TMI 1422

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....runakara Rao, AM. The present appeal preferred by the assessee is directed against the impugned order dated 6th July 2012, passed by the Commissioner (Appeals)-26, Mumbai, for the assessment year 2009-10. Following grounds have been raised by the assessee:- "1. The learned CIT(A) has erred in confirming the estimate of the income @ 4% of turnover and which is very excessive on the facts of t....

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....L. Construction Pvt. Ltd. on "back-to-back" basis. The assessee filed its return of income declaring total income at "nil". The Assessing Officer, during the scrutiny assessment proceedings, rejected the books of account and estimated the profits of the assessee applying the flat rate of 4% of the total receipts. The total receipts are Rs. 31,77,14,507. The estimated income is worked out to Rs. 1,....

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....so submitted that the orders of the Revenue do not fall within the meaning of "speaking orders", therefore, it is the ultimate prayer of the assessee that the matter needs to be restored to the file of the Assessing Officer for fresh adjudication. He also submitted that when the books of account are complete and accurate in all respects, the decision of the Assessing Officer in rejection of the bo....

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....ome of the assessee is concerned, there is no justification and the orders of the learned CIT(A) / Assessing Officer have not provided any basis to support the same. In our considered opinion, there is a need to remand all the issues to the file of the Assessing Officer for want of issue based adjudication of all the grounds by passing a speaking order. Accordingly, we set aside the impugned order....