TaxTMI 
TaxTMI 
2023 (1) TMI 1012
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....vey under Section133A of the Act was carried out on 20.12.2012 where certain disclosures were made by the assessee. The Assessee filed return of income declaring Rs.2,78,37,670/- for the Assessment Year 2013-14 in question which was subjected to scrutiny assessment. The Assessing Officer while framing the assessment inter alia made certain additions on account of lower net profits percentage by invoking Section 145(3) of the Act. The amount of addition was subsequently revised under Section 154 of the Act and eventually an addition of Rs.33,11,182/- was retained on the grounds of lower reporting of net profit. 3. The assessee challenged the aforesaid action of the Assessing Officer before CIT(A). The CIT(A) did not embrace the plea of the ....
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....ted during the year is Rs. 90.30 crore on which the profit of Rs.5.49 crore has been declared. The CIT(A) himself in paragraph 18 of the appellate order admitted the fact of slight decline in net profit. The Assessing Officer has not pointed out any specific defect or discrepancy or any abnormal variation in various expenses. The sole basis for making such estimated addition is that original bills and vouchers were not produced before the Assessing Officer and thus the completeness of books of account is not established. The ld. counsel next adverted to paragraph 1 of the assessment order and submitted that it is an admitted fact by the Assessing Officer himself that assessee has attended the assessment proceedings diligently and filed nece....
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....on'ble Delhi High Court in the case of CIT vs. Paradise Holidays (supra) and other judgments. The ld. counsel thus urged for indulgence of the Tribunal in respect of such unjustified addition. 7. The ld. DR for the Revenue on the other hand relied upon the action of the Assessing Officer and CIT(A) and submitted that the onus was on the assessee to furnish the supporting documents in original to vouch the authenticity of the books of accounts. The Assessing Officer has rightly invoked Section 145(3) in the absence of discharge of onus by the assessee and was thus justified in embarking upon estimated additions. 8. We have carefully considered the rival submissions. The estimation of profits consequent upon rejection of books under Section....