9911796707
TMI Blog2014 (7) TMI 805X X X X Extracts X X X X X X X X Extracts X X X X ..... ion - the AO is directed to re-examine the matter, after giving reasonable opportunity to the assessee to produce the books of account and other information, and re-determine the income – Decided in favour of Assessee. - ITA No. 1360/Hyd/13, ITA No. 1409/Hyd/13 - - - Dated:- 16-7-2014 - Shri B. Ramakotaiah And Smt. Asha Vijayaraghavan,JJ. For the Petitioner : Shri P. Murali Mohan Rao For the Respondent : Shri D. Sudhakara Rao DR ORDER Per Smt. Asha Vijayaraghavan, Judicial Member: These are cross appeals for the assessment year 2009-10 and they are directed against the order of the Commissioner of Income-tax(Appeals) IV Hyderabad dated 30.8.2013. Since common issues are involved, these appeals are being dispose ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll the above details and furnished the same on being asked for. Further, detailed analysis by the Assessing Officer of the sample purchase bills, showed that huge quantities of steel had apparently been transported on auto rickshaws and other light motor vehicles. In the circumstances, the Assessing Officer rejected the books of account with the following specific observations a) Assessee failed to produce the details of the purchases as called for in the questionnaire; b) The assessee failed to produce the details of the sales as called for; c) The assessee failed to produce the details of the places of purchase and mode of transportation of the goods purchased; d) Assessee failed to produce the details of the places of sale an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o 3.25% in the immediately preceding year, observing that the rate adopted by the Assessing Officer for estimating the net income of the assessee of 1.5% of the turnover to be on higher side, and accordingly directed the Assessing Officer to estimate the same by applying a rate of 1%, net of all deductions/allowances, including depreciation, which according to him need not be separately allowed, considering the lower rate adopted. 6. Still aggrieved, assessee is in second appeal before us, vide ITA No.1360/Hyd/2013, whereas aggrieved by the relief granted by the CIT(A), Revenue preferred its appeal ITA No.1409/Hyd/2013. 7. Elaborate grounds have been raised by the assessee, contending that the rate of 1% adopted by the CIT(A) for esti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e for one more opportunity for furnishing the relevant books of account and other details, if the matter is restored to the file of the Assessing Officer for fresh consideration. We find that this Tribunal, in the context of additions made similar circumstances and considering similar pleas of the assessee, in the cases of assessee s own group, vide its order dated 13.8.2013, restored the matter back to the file of the Assessing Officer, in the following manner- 10. Considering the submissions of the parties and keeping in view the interest of justice, we allow one more opportunity to the assessee for production of its books of accounts and other documents before the Assessing Officer to substantiate its claim and accordingly, set aside ..... X X X X Extracts X X X X X X X X Extracts X X X X
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