TaxTMI 
TaxTMI 
2014 (10) TMI 855
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.... income accepted in the earlier years and recorded a perverse finding on the facts and circumstances of the case?" 3. The assessee is in the business of transport. It owns around 100 trucks which it utilizes to transport various goods as well as petrol. There was a sur vey under Section 133A of the Income Tax Act, 1961 (For short hereinafter referred to as "The Act") in the premises of the assessee on 14.07.2011. It was not iced there from that the assessee's gross collection for the year was nearly Rs. 52,85,46,030/- and the other income was Rs. 84,63,079/-The assessee had offered a net income of Rs. 70,64,490/- for taxation after claiming various expenses amounting to Rs. 53,15,55,168/-. In order to verify the genuineness of the expend....
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....sessment year. It is the duty of the assessee to maintain proper books of accounts and to justify its claim for necessary evidence. Therefore, the tribunal agreed with the appellate authority restricting the income of the assessee to 3% of the turnover as compared to 8% of the turnover estimated by the commissioner. However, after recording the said finding, the tribunal held since the appellate authority has not given any comparable cases in similar businesses to come to the conclusion that 3% of the turnover is reasonable in estimating business income of the assessee, they were of the opinion that it would meet the ends of justice if the business income is restricted to 2.5% of the total turnover. Aggrieve d by the said finding, the asses....
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....an mere suspicion. The assessing officer must make what he honestly believes to be a fair estimate of the proper figure of assessment and for this purpose he must take into consideration such materials as the assessing officer has before him, including the assessee's circumstances, knowledge of previous returns and all other matters which the assessing officer thinks will assist him in arriving at a fair and proper estimate. 7. Therefore, in the instant case, when the assessee did not produce the books of accounts, the assessing officer was not helpless. The assessee has been filing returns every year. In fact, he has produced five years returns. It is from that they took the turnover because the turnover offered by the assessee for the ye....