TaxTMI 
TaxTMI 
2012 (4) TMI 649
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....se are clubbed, heard together and disposed of by this combined order for the sake of convenience. 2. All these appeals have been time barred by 44 days. The Revenue has not filed any petition for condoning this delay for all the years under consideration. Since the delay is very short and we are convinced with the explanation given during the course of hearing by the learned DR, we condone the delay for all the years under dispute and admit the same for disposal. 2. Since the grounds raised for these years are quite identical, for the sake of brevity, we extract hereunder the grounds raised in ITA No.2107/Hyd/2011 and also deal with the facts as mentioned for this assessment year 2003-04. 1. The CIT (A) has held that the appellant main....
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....e search, notices under section 153A of the I T Act, 1961 were issued on 17-8-2009 for assessment year 2003-04 to 2008-09. In response to the said notice the assessee filed the return of income for the year under consideration on 30-9-2009 admitting the same income of Rs.Nil which was originally admitted. The AO observed in the assessment order that the books of accounts were not produced for verification by the assessee, the AO was left has left with no other option except estimating income of the assessee basing on the turnover. The AO found that the gross profit margin in this line of business is too high and at times it is more than 150% also. Accordingly, the AO proceeded to estimate the income of the assessee at the rate of 68% on th....
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....not correct in estimating the rate of profit without any reasonable basis and his order is to be quashed. 8. We have considered the rival submissions of the parties and perused the material available on record. We find from the CIT (A)'s order that the assessee being a company have maintained the books of account and audited the same for the purpose of Companies Act and Income-tax Act. It is also a fact that the assessee has filed the returns of income, computing the profits, on the basis of the book results indicate that the assessee company maintained the books of account in one or the other format. The learned AR produced before us one of the assessment order passed u/s 143(3) for assessment year 2006-07 wherein the AO has clearly menti....