2023 (6) TMI 1455

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.... the provisions of section 145(3) of the Income Tax Act, 1961, even though during the year under Appeal the Appellate Company had suffered loss before depreciation of Rs. 10,96,563/-. 2. The Ld. CIT (Appeal) erred in not understanding the fact that the Ld. Assessing Officer had invoked the provisions of section 145(3) and rejected the Books of Account and Bills and Vouchers even though the said Books of Accounts were Audited by Statutory Auditor as per the provisions of Companies Act, although the said Auditor failed to file his Audit Report under section 44AB of the IT Act, 1961 for the reasons best known to him. 3. The Ld. CIT (Appeal) had erred in confirming the estimating the income of Rs. 85,000/- being 20% of Rs. 4,25,000/- even t....

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....lls and vouchers in support of its claim of expenditure incurred during the year under consideration. Therefore, the AO has estimated 20% of the gross receipt of Rs. 2,50,49,783/- to the amount of Rs. 50,09,956/- as net profit of the assessee for the year under consideration and added to the total income of the assessee. 3. The AO also found from the statement of 26AS that assessee has received an amount of Rs. 4,25,000/- as receipt from M/s G.D. Manufacturing India Pvt. Ltd. and same was also added to the total income of the assessee. 4. Aggrieved, the assessee filed the appeal before the ld. CIT(A). The ld. CIT(A) has dismissed the appeal of the assessee. 5. During the course of appellate proceedings before us the ld. Counsel submitted....