TaxTMI 
TaxTMI 
2022 (4) TMI 690
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....ax Department ORDER 4. 1. This is an appeal by the Assessee directed against an order dated 11th September, 2019 passed by the Income Tax Appellate Tribunal, Cuttack (ITAT) in ITA No. 255/CTK/2018 for the Assessment Year (AY) 2015-16. While admitting this appeal for hearing on 25th November, 2021, following question was for framed for consideration: (i) Whether the Tribunal was justifie....
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....e was processed of the under Section 143 (3) of the Income Tax Act and subsequently, a notice under Section 143(2) of the Act was served. The Assessee appeared before the Income Tax Officer (ITO)/ Assessing Officer (AO) through counsel on 25th September, 2019 and filed the Audited Accounts, copy of bank statement, copy of the Computation of Income and ITR-V. A written submission was also filed by ....
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....sing stock. 5. It is pointed out by the learned counsel for the Assessee that on the unsold closing stock no profit percentage could have been applied to arrive at an estimated profit. In other words, it is submitted that without sale of the commodities, the question of estimating profit on the basis of percentage of the value of closing stock would not arise. It is further pointed out tha....
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....been no rejection of the books of account of the Assessee which reflects the 'Completed Services Contract Method' of accounting consistently followed by the Assessee. This was lost sight of by the ITAT as well as the CIT (A). That this has been the consistent practice of the Appellant was easily verifiable from the returns already filed in the earlier AYs. 8. In that view of the matter, th....