2018 (12) TMI 992

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..... re particularly so when various supporting documents justifying their loss return was filed before the Assessing Officer and he had completely ignored the same. We find that this appeal essentially is in respect of question of facts. In the above view, the question as proposed does not give rise to any substantial question of law. Thus, not entertained. - INCOME TAX APPEAL NO.857 OF 2016 - - - Dated:- 11-12-2018 - AKIL KURESHI M.S. SANKLECHA, J.J. Mr. Ashok Kotangle a/w Ms. Padma Divakar for the appellant None for the respondent P.C. 1. This Appeal under Section 260A of the Income Tax Act, 1961 (the Act) challenges the order dated 28th September, 2015 passed by the Income Tax Appellate Tribunal (the Tribunal). Thi .....

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..... aim of loss. However, by order dated 30th December, 2011, the Assessing Officer assessed the income of the respondent at ₹ 57.95 lakhs under the head 'business' as against the loss of ₹ 18.74 lakhs as shown by the respondent in its return of income. 4. Being aggrieved by the order dated 30th December, 2011 of the Assessing Officer, the respondent preferred an appeal to the Commissioner of Income Tax (Appeals) [CIT(A)]. By an order dated 15th July, 2013, the CIT(A) allowed the respondent's appeal inter alia by noting the fact that the respondent had produced various documents in support of its claims for expenses, after recording the fact that various confirmation letters from the parties who had made purchases wer .....

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..... e been done by the Assessing Officer, if he has any doubt in regard to the documents submitted. Further, the Tribunal notes that the documents submitted in support of their claim were not disputed by the Revenue before the Tribunal. Further, the impugned order also records fall in the prices of the steel in the global market which lead to a loss of the sales made by the respondent. In these circumstances, the appeal of the Revenue was dismissed. The Tribunal in its order observed as under : We can very well appreciate that at times, the Assessing Officer has no choice but to make a best judgment assessment. But in our considered view, the fairness of justice demands that 'best judgment assessment' should not be made as a ' .....

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