2025 (3) TMI 1912

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....: The present appeal has been filed by the revenue challenging the impugned order 24.07.2024 passed u/s 250 of the Income Tax Act, 1961 ('the Act'), by the National Faceless Appeal Centre, Delhi / CIT(A), for the A.Y 2011-12. 2. At the time of hearing none appeared on behalf of the assessee even after repeated calls. On perusal of the case file I found that notices were repeatedly sent to th....

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....nd while relying upon the latest decision of Hon'ble Jurisdictional High Court in the case of Pr. CIT Vs. Kanak Impex (India) Ltd in Income tax appeal No. 791 of 2021. Wherein it has been held that "where no explanation of the source of the expenditure incurred on account of purchases has been proved, then there is no justification estimating the profit rate" 4. Respectfully following the above....