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TMI Blog2014 (6) TMI 537X X X X Extracts X X X X X X X X Extracts X X X X ..... urnish any material to controvert the findings of the AO to support the decision taken by the CIT(A) – thus, the order of the CIT(A) is set aside and the matter is remitted back to the AO for adjudication – Decided in favour of Revenue. - I.T.A. No. 106/Coch/2014 - - - Dated:- 6-6-2014 - Shri N. R. S. Ganesan, JM And B. R. Baskaran, AM,JJ. For the Petitioner : Shri K. K. John Sr. DR For the Respondent : None ORDER Per B. R. Baskaran, Accountant Member: The appeal filed by the revenue is directed against the order dated 19-12- 2013 passed by the Ld. CIT(A), Kozhikode and it relates to the assessment year 2009-10. None appeared on behalf of the assessee, though the date of hearing was intimated to the assessee at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntaining daily statements of sale and stock, as prescribed under Akbari Rules. From the impounded records, the AO noticed that the assessee was having sales to the tune of Rs.4.59 crores for the period 01-04-2008 to 28/02/2009. Accordingly the AO worked out the average monthly sale at Rs. 41.80 crores. Extrapolating the same, the AO estimated the annual sales at Rs. 5.01 crores. However, it was noticed that the assessee had declared sales of Rs. 3.88 crores only in the profit and loss account. Thus there was a difference of Rs.1.13 crores between the sales estimated by the AO and that declared by the assessee. Hence the Assessing officer proceeded to work out the gross profit by adopting the Sales value estimated by him. The gross profit so ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Ld. CIT(A) noticed that the net profit estimated for the year under consideration was 22.4% against the profit rate of 4.17% declared in the immediately preceding year. Accordingly, he directed the Assessing officer to estimate the income by determining the net profit rate at 15% of sales. Aggrieved, the revenue has filed this appeal before us. 7. We have heard the Ld. DR and perused the record. We notice that the Assessing officer has proceeded to determine the suppressed gross profit and accordingly proceeded to estimate the addition of Rs. 65.00 lakhs on the basis of impounded materials, which were agreed to be correct by the partners of the assessee-firm. However, the Ld. CIT(A) has proceeded to determine the income independently ..... X X X X Extracts X X X X X X X X Extracts X X X X
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