2021 (11) TMI 1125

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.... by the Income Tax Appellate Tribunal, Jodhpur Bench Jodhpur (for short 'the ITAT') in ITA No.270/Jodh/2019 (Assessment Year 2016-17) and ITA No.340/Jodh/2019 (Assessment Year 2016-17) respectively, while claiming that the following substantial questions of law are involved in the present appeals :- "1. Whether on the facts and in the circumstances of the case, the ld. ITAT erred to assess the total income of the assessee at Rs.50 lakh on adhoc basis without considering the fact and evidences as mentioned in the assessment order by the AO that the assessee has not maintained proper books of accounts even when the ld. ITAT also agreed for some technical mistakes in the books of accounts and the decision of AO rejecting books of account was....

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....jected the books of accounts and estimated net profit for the year under consideration at 7.6% of the total turnover of Rs.4,48,83,51,085/- i.e. Rs.34,11,14,682/-. Penalty proceedings for not disclosing accurate income were separately initiated against the assessee and interest applicable under the Act of 1961 on the income assessed was also levied. The assessment order dated 23.12.2018 was challenged by the assessee before the Commissioner of Income Tax (Appeals-2), Udaipur (for short 'the CIT(A)') by way of appeal. The CIT(A) vide order dated 22.7.2019 has directed the Assessing Officer to estimate profit @ 10.32% before depreciation and further directed that the depreciation shall be allowed on fixed assets (except for the fixed assets ....

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....despite recording this fact, has assessed the income of the assessee at Rs.50 lakh only. Learned counsel Mr. Bissa has argued that once it is clear that the assessee has not maintained the books of accounts in proper manner, the findings recorded by the Assessing Officer cannot be faulted with. It is, thus, prayed that the instant appeals involve substantial questions of law, which are required to be answered. Per contra, Mr. Anjay Kothari, learned counsel appearing for the assessee, while supporting the impugned orders passed by the ITAT, has argued that no substantial questions of law involve in the instant appeals as the findings arrived at by the ITAT are based on facts, which are not liable to be interfered with. Heard learned couns....