2020 (10) TMI 369

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.... Appellant(s) No. 1 for the Opponent(s) No. 1 ORAL ORDER (PER : HONOURABLE MR. JUSTICE J.B.PARDIWALA) 1. This Tax Appeal under Section 260A of the Income Tax Act, 1961 (for short "the Act, 1961") is at the instance of the Revenue and is directed against the order passed by the Income Tax Appellate Tribunal, Rajkot Bench, Rajkot dated 20.09.2020 in ITA No. 652/RJT/2014 for A.Y. 2003-04.....

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....h the return of income for the A.Y. 2003-04. Thereafter, the notice under Section 143(1) of the Act, 1961 was issued. However, the assessee neither filed any return of income nor complied with the notice. In such circumstances, a show cause notice dated 04.12.2009 came to be issued, whereby the assessee was asked to explain the source of cash deposits of Rs. 2,72,89,000/- in his current bank accou....

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....ed at 8% of the turnover. 7. The Revenue being dissatisfied with the order passed by the CIT(A) preferred appeal before the Appellate Tribunal. The assessee preferred cross objections before the Appellate Tribunal. The Appellate Tribunal dismissed the appeal of the Revenue and allowed the cross objectionS preferred by the assessee. The Appellate Tribunal held that the assessee had concealed THE....

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.... it cannot be concluded that the income has been determined on estimated basis after finding out the defect in the books of accounts, expenses/income claimed/shown in the return of incomer, lower gross profit etc. But the income escaped from the assessment has been computed in different manner. Thus, in our considered view the assessee is guilty of concealing the particular of income. Therefore, t....