TaxTMI 
TaxTMI 
2018 (3) TMI 469
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....d u/s 250 of the Income Tax Act, 1961 (the 'Act'), relating to the Assessment Year 2010-11 & 2011-12. 2. The issues involved in both these appeals are identical and were heard together. We deem it convenient to pass a common order. 3. The assessee is an individual. He carries on business in the name and style of Dati Corporation as a proprietor. The assessee filed the return of income for the Assessment Year 2010-11, declaring total income of Rs. 22,45,870/-. The nature of business of the assessee was acting as a commission agent and broker. In the course of assessment proceedings u/s 143(3) of the Act, the Assessing Officer called upon the assessee to explain the discrepancies and also supporting bills and vouchers for the various ex....
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....t identical reasons as were given in the Assessment Year 2010-11, the Assessing Officer disallowed the claim for deduction of various expenses and determined the total income of the assessee as follows:- 4. Aggrieved by the order of the Assessing Officer, the assessee preferred an appeal before the ld. CIT(A). Insofar as Assessment Year 2010-11 is concerned, the ld. CIT(A) upheld the order of the Assessing Officer rejecting the books of accounts of the assessee and estimating the income of the assessee u/s 145(3) of the Act. With regard to the quantum of income estimated by the Assessing Officer, the ld. CIT(A) was of the view that if the addition made by the Assessing Officer was sustained, then it would result in the profits of the ass....
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....ssesse, the ld. CIT(A) was of the view that it would be reasonable to estimate the profit of the assessee at 14.5 per cent of the turnover. 4.2. As far as the Assessment Year 2011-12 is concerned, the ld. CIT(A) was of the view that the books of account of the assessee were not reliable and he, therefore, rejected the book results and made an estimation of the profits of the assessee u/s 145 (3) of the Act. He found that the action of the Assessing Officer would mean that the assessee earned 69 per cent profit of his receipts which was highly unlikely in any kind of business. Taking note of the assessee's past history of the case, the ld. CIT(A) estimated the income of the assessee at 14.5 per cent of the receipts. 5. Aggrieved by the....
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....e facts and circumstances of the case. 6.1. We find no grounds to interfere with the reasons of the ld. CIT(A). Consequently, these appeals by the revenue are dismissed. 7. In the result, the appeals of the revenue are dismissed. Kolkata, the 1st day of March, 2018. ============= Document 1 reasonably Expenses Amount Amount claimed allowable Books and 232865 24000 periodicals Business Momotions 3793105 758621 Reasons and findings as above. (1)Last year expense of Rs 68824 has been claimed. And expense with vouchers found only of Rs 4386 for 5 months. However expenses are allowed at 24000 at 2000 per month. Explanation of the assesses (subjective only) without any justificat....
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....the names of 18employees in respect of amount paid to the workers. (Last year number of employees was 17. Assessee is having his Two own Cars found sufficient for all such regular proposes and persons are found ravelling through local buses,etc such expense not found genuine and most of the expenses found bogus as per last year assessment. (ii)Most of the Similar Expenses were found bogus as per last year assessment and are disallowable accordingly and number of employees 17 last year such expense are found more than reasonable. However such expense is allowed at 500 per day for 10 employees for 200 days. @Rs100 per persons per day for 10 employees for 200days. As per Audit report on form 3cd,....