TaxTMI 
TaxTMI 
2022 (11) TMI 671
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..... "CIT(A)"] dated 31.03.2017 arising out of the assessment order framed u/s 143(3) of the Act dated 14.03.2013. 2. The assessee is in appeal before this Tribunal raising the following grounds: "1. For that the order of the lower authorities both appellate order and the assessment order u/s 143(3)/144 of the Act are an arbitrary, opposed to requirement of law and bad in law. 2. For that the assessment made under the head best judgments assessments by the lower authorities below is neither tenable in law nor in facts. 3. For that determination of the income under best judgments assessments is neither tenable in law nor in fact and is without basis. 4. For that the determination of expenses at the rate 50....
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....e details were filed but for lack of proper submissions, ld. AO estimated the profit from the contractual activity at 30% of the contract value of Rs. 1,61,65,022/- and calculated it at Rs. 48,49,506/-. Ld. AO also made the addition for undisclosed income of C & F commission at Rs. 63,30,042/-, unaccounted rent income from Lafarge India Pvt. Ltd. at Rs. 5,31,743/- and interest income from Lafarge India Pvt. Ltd. at Rs. 1,76,198/-. Similarly, ld. AO also made addition for supressed sales of bricks at Rs. 17,37,648/-. Income assessed at Rs. 1,47,65,772/- and assessment was completed u/s 143(3) r.w.s. 144 of the Act. 4. Aggrieved, the assessee preferred appeal before ld. CIT(A) and partly succeeded, however, most of the additions confirmed ....
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....the partial details for the reason that books of accounts were lost and in support the copy of complaint lodged with Tollygunge Police Station on 10.04.2012 was filed. A survey was also conducted at the business premises of the assessee u/s 133A of the Act on 19.03.2012. The assessment proceedings for AY 2010-11 were carried out with whatever material including Form no. 26AS available on the website of the Income Tax Department and the bank statements. Since the assessee could not furnish requisite details as required, the assessment was framed u/s 143(3/144 of the Act making various additions including estimation of income from commission and undisclosed income for the alleged suppressed sales. 9. As far as ground nos. 1, 2 & 3 of the a....
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....s heads from M/s. Lafarge India Pvt. Ltd. and based on these statements, the assessee has reconciled the profit offered by the assessee in the income tax return. 11. We also note that in the past the net profit offered in the income tax return was ranging between 7% to 10% of the total gross receipts during the year which included C & F charges, commission, interest on security deposits and sales. So far as the year under appeal is concerned, we find that on the total turnover of Rs. 2,55,01,160/- net profit offered by the assessee is 2,96,535/- which is 11.61%. As against this, the profit offered by the assessee, ld. AO has assessed the profits at 46.62% of the total turnover as per the return. The perusal of the records shows that the ....
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.... and that too for the reason that the assessee could not produce books of accounts and audited report since they were lost and the assessee could not find the copy of the same, the assessee will be hit hard if the net profit rate of 46.62% is applied on the assessee. Looking to the consistency of the business, C & F charges and commission income being received from limited company and the receipts are duly accounted for in Form no. 26AS and they are also getting reflected in the bank statement and there being no other business carried out under the name of M/s. Chakraborty Enterprise which remained undisclosed and simultaneously also considering the fact that both the lower authorities could not examine the correctness of the assessee's inc....