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TMI Blog2017 (1) TMI 1610X X X X Extracts X X X X X X X X Extracts X X X X ..... Considering the past accepted results of the assessee, I am of the considered view that estimation of income of the assessee by applying the net profit rate of 4% will meet the ends of justice. I, therefore, modify the order of the CIT(A) accordingly and partly allow the ground of the appeal of the assessee. - Decided partly in favor of assessee. - ITA No.437/CTK/2016 - - - Dated:- 30-1-2017 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of expenditure. The assessee stated that the bills and vouchers are not available for production. Considering this, the Assessing Officer observed that in absence of bills and vouchers, correctness and genuineness of expenses is not verifiable. Therefore, he rejected the books of account and estimated the net profit of the assessee @ 5% of gross business receipts of ₹ 1,18,85,510/- at ͅ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... u/s.143(1) 3. 2008-09 Rs.1,56,34,160/- Rs.4,33,703/-(2.77%) Accepted u/s.143(1) 4. 2007-08 Rs.1,28,20,009/- Rs.3,90,527/-(3.04%) Accepted u;s.143(1) 5. The CIT(A) after considering the submission of the assessee held ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ear s is in A.Y. 2007-08 @ 3.04%, in A.Y. 2008-09 @ 2.77% and in A.Y. 2009-10 @ 2.64%. In my considered view, after rejecting of book results of the assessee, the income of the assessee has to be estimated by the Assessing Officer but while doing so, he cannot make a wild guess of the same. The past accepted results are a guide to the estimation of the income of the assessee. Considering the past ..... X X X X Extracts X X X X X X X X Extracts X X X X
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