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| The Tax Publishers2020 TaxPub(DT) 2722 (Mum-Trib) : (2020) 184 ITD 0408 INCOME TAX ACT, 1961
Section 145
Where AO rejected books of account of assessee and estimated gross profit at rate of 12 per cent of total sales turnover as against rate of 8.36 per cent, action of AO was unjustified because he did not provide assessee an opportunity to present his claim.
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Accounting method - Rejection of books of account - Estimation of GP rate -
Assessee filed its return of income showing gross profit at rate of 8.36%. AO alleged that details were not submitted, and rejected books of account estimating GP @ 12%. Held: Assessee did not get an opportunity before AO put its claim. Therefore, issue was remanded back to AO to decide controversy afresh by giving an opportunity of being heard to assessee in accordance with law.
REFERRED :
FAVOUR : Matter remanded
A.Y. : 2005-06
INCOME TAX ACT, 1961
Section 68
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