2015 (6) TMI 1177

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.... the order dt.11.12.2012 of the CIT(A)-34, Mumbai, the assessee has raised following Grounds of Appeal: "1.The CIT(A) has erred in confirming the action of Assessing Officer in rejecting the book results and estimating the net profit at 5% of the total turnover of the appellant." Vide its application dt.2/6/15, the assessee has made an application for admission of additional evidences. In....

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....l evidences should be admitted as per provisions of Rule 29 of the ITAT Rules, 1963. The Departmental Representative (DR) left the issue of the admission of the additional evidence to discretion of the Bench.We have perused the material on record and found the evidence produced by the assessee would have bearing on the final outcome of the appeal. Therefore, same are being admitted u/r.29 of the I....

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.... that either the assessee did not maintain any books of account or were not maintained as per the accounting standards. Invoking the provisions of s. 145(3) he estimated the net profit of the assessee at 5% of the total turnover. 3.Aggrieved by the order of the AO the assessee preferred an appeal before the FAA.Before him,it was contended that the AO had passed the order u/s. 144, that the same....

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....mpliance and non-cooperation from the beginning that the assessee had not produced books of account, that the AO had rightly invoked the provisions of s.143(3) of the Act. Relying on the order of Kanchwalla Gems (288 ITR 10) the FAA, held that the AO had rightly estimated the net profit @5% of the turnover. Finally he dismissed the appeal filed by the assessee. 4.Before us,the AR stated that as....