2022 (5) TMI 1065

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....e Income Tax Act, 1961 (hereinafter referred to as 'the Act') by the ITO, Ward-1(2), Junagadh. 2. The brief facts of the case is that the assessee is registered under the cooperative society filed its return of income on 14.09.2009 declaring Nil income for the A.Y. 2009-10. The return was processed under Section 143(1) and then taken for scrutiny assessment for verification of claim of deduction under Section 80P of the Act. Notices under Section 143(2) and 142(1) were issued and the assessee's representative appeared and explained the case before the AO. On verification of the return the assessee has made a claim under Section 80P of Rs. 29,83,703/-. However, the AO restricted the same to Rs. 21,16,010/- being the net profit of the asse....

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....nfirmed the disallowance made by the Ld. AO as no details or evidences produced before him. The finding of the CIT(A) are as follows: "3. As can be seen from the above discussion by the assessing officer, the appellant has various business activities such as retail business from LPG division and petrol pump division. Out of the total gross profit of Rs. 61,44,308/-, the net profit of Rs. 22,35,873/- is taken as net profit from retail business. As per the information furnished by the appellant during assessment proceedings, the gross profit from LPG division and petrol pump division was shown at Rs. 27,42,110/-, which is included in the total gross profit of Rs. 61,44,308/-. Applying the ration of net profit to gross profit @36.39%,....

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....use notice dated 11.11.2011 issued by the AO. In the absence of any details on the contravention of Section 80P(2)(c) the addition of Rs. 8,97,854/- was made by the AO. Even before the CIT(A) though the Ld. Representative appear before the CIT(A) could not give any credible information, backed by documentary evidence and therefore, the disallowance was confirmed by the Ld. CIT(A). Now on this juncture none appeared on behalf of the assessee and no details are furnished before the Tribunal, therefore, in the absence of any details the addition required to be sustained. 8. We have given our thoughtful consideration and perused the materials available on record. When the appeal is listed for hearing on 22.02.2022 the Ld. Authorized Represen....