TaxTMI 
TaxTMI 
2023 (1) TMI 1170
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....see has raised the following grounds:- (1) For that the order of the ld. CIT(A) is arbitrary, illegal and bad-in-law. (2) For that the ld. CIT(A) erred in determining the income of the assessee at Rs.39,33,768/-. (3) For that the ld. CIT(A) erred in confirming the determination of income at Rs.39,33,768/- as against declared loss of Rs.21,39,561/-. Such determination of income without any verification of documents is absolutely unjust and improper. (4) For that on the facts and circumstances of the case, the order of the CIT(A) be modified and the assessee be given the relief prayed for. 3. Brief facts of the case are that the assessee is an individual and engaged in the business of trading in oil under the style of proprietorship ....
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....adjusting advance tax. So please make the payment schedule a long period so that I can able to honour your assessment order". The ld. Assessing Officer completed the assessment estimating the net profit @ 5% and assessed income at Rs.39,33,768/-. 4. Aggrieved, the assessee preferred appeal before the ld. CIT(Appeals) but failed to succeed as the ld. CIT(Appeals) was of the view that the assessee has himself accepted the estimation of net profit @ 5%. 5. Being aggrieved, the assessee is now in appeal before the Tribunal. 6. The ld. Counsel for the assessee submitted that for the year under appeal, the assessee suffered huge losses. Complete details of sale, purchase, debtors, creditors and bank details were filed. No specific defect was ....
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....oks of account, ld. Assessing Officer show-caused the assessee for estimating the net profit @ 5%. 9. It is worth noting that ld. Assessing Officer has not pointed out any specific defect in the details filed by the assessee, which consisted of relevant information to reasonably arrive at the profit for the year. Books of account were not in the possession of assessee. As per the audited balance-sheet for A.Y. 2009-10 and 2010-11, we notice that the net profit for A.Y. 2009-10 has been declared at 1.16% and for A.Y. 2010-11 at 1.11%. Ld. Assessing Officer did not refer to any comparable cases and past history of profit declared by the assessee. 10. However, looking to the fact of the case referring to the financial data of preceding two y....