TaxTMI 
TaxTMI 
2022 (8) TMI 1023
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.... does not apply in Income Tax Proceedings. 2. That the Ld. CIT(A)-2, Lucknow had erred in law and facts in deleting the addition made by the Assessing Officer after rejecting books of accounts without giving any reasonable cause or without pointing out any discrepancy in the finding of the Assessing Officer's order. 3. That the Ld. CIT(A)-2, Lucknow has erred in law and facts by not providing opportunity to Assessing Officer to put his view. 2. The brief facts of the case are that the assessee filed his return of income on 25.11.2014 declaring an income of Rs.7,82,400/-. The case was selected for scrutiny through CASS and the Assessing Officer finally completed the assessment under section 143(3) of the I.T. Act, assessing the t....
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....ssessing Officer was that the total credits in the bank accounts of the assessee was Rs.84,45,27,044/-, against which, the assessee had shown a turnover of Rs.76,00,70,866/-; that the difference between the two figures is of Rs.8,45,22,442/-; that the Assessing Officer was of the view that the entire credits appearing in the bank account were part of the total turnover and since the assessee has not shown the correct turnover, the books of account as maintained by the assessee were to be rejected; that the ld. CIT(A) accepted the assessee's submission alongwith the reconciliation of sales/turnover as made by the assessee and incorporated the same at page four of the Appellate Order; that as explained by the assessee before the ld. CIT(A....
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.... Corporation Bank, due to which, they could not be added twice to the assessee's turnover. This also remains unchallenged before us. The ld. CIT(A) found that the credit entries of Rs.1,54,29,442/- remained unexplained and that thus, this amount was to be included in the assessee's turnover. The assessee has not controverted this finding of the ld. CIT(A). The ld. CIT(A) estimated the assessee's turnover at Rs.77,54,34,044/-. 6. Apropos the Assessing Officer's estimation of net profit rate at 8%, this estimation was based on the Inspector's Report, as per which, net profit rate in this line of business is 20% or more. However, the Assessing Officer illegally unilaterally relied on such Report of the Inspector, without affording any opportu....