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TMI Blog2018 (9) TMI 1623X X X X Extracts X X X X X X X X Extracts X X X X ..... he file of the Assessing Officer to decide the issue de novo after giving due opportunity to the assessee to present its case and we also direct the assessee to produce the books of accounts before the Assessing Officer, failing which the Assessing Officer shall be at liberty to estimate the net profit rate as per law. - Decided in favour of assessee for statistical purposes. - ITA No. 922/Del/2015 - - - Dated:- 24-9-2018 - SHRI G.D. AGRAWAL, PRESIDENT AND SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER For The Department : Ms Ashima Neb, Sr. DR For The Assessee : Ms Sangeeta Singh CA And Ms Kanishka Agarwal, CA ORDER PER BENCH ITA No.922/Del/2015 is the assessee s appeal preferred against order dated 4.12.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alid reasons and without pointing out any specific defects in the maintenance of the books of accounts. It was also submitted that the books of accounts were duly audited and the audit report was before the lower authorities and, therefore, the same could not have been disregarded and there was no case of estimating the net profit on the ground that some bills were not available/could not be produced before the Assessing Officer. It was also submitted that while estimating the net profit rate @10%, the Assessing Officer did not bring on record any comparable cases in which a similar net profit rate of 10% was disclosed and further the Ld. CIT (A) also did not bring on record any comparable cases where the net profit rate in identically situ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... % without assigning any specific reason for doing so. The Ld. Sr. DR submitted that the order of the Ld. CIT (A) needed to be set aside and the Assessing Officer s order required to be restored. 5.0 We have heard the rival submissions and perused the material available on record. A perusal of the assessment order shows that a questionnaire was issued to the assessee on 30.09.2011 wherein besides requiring the assessee to submit information and documents, the assessee was asked to produce complete books of accounts but the assessee did not produce the same. It is further mentioned in the assessment order that vide order sheet entry dated 19.10.2011, the assessee was specifically asked to produce complete books of accounts. It was also men ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... een extremely negligent and careless in his approach and even after being given numerous opportunities, he failed to produce the books of accounts. All the same, the action of both the lower authorities in estimating the net profit rate without any basis can also not be approved. Therefore, on the facts of the case and in the interest of justice, we deem it expedient to restore the issue to the file of the Assessing Officer to decide the issue de novo after giving due opportunity to the assessee to present its case and we also direct the assessee to produce the books of accounts before the Assessing Officer, failing which the Assessing Officer shall be at liberty to estimate the net profit rate as per law. 6.0 In the final result, both t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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