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TMI Blog2015 (6) TMI 1177X X X X Extracts X X X X X X X X Extracts X X X X ..... f justice the matter should be restored back to the file of the AO for fresh adjudication. The effective ground of appeal filed by the assessee is allowed in favour of the assessee in part. - ITA No.1721/Mum/2013, Assessment Year-2008-09 - - - Dated:- 3-6-2015 - S/Sh. I P Bansal And Rajendra, JJ. Assessee by:Shri Ryan Saldanha Revenue by:Ms. C. Tripura Sundari Rajendra, Challenging the order dt.11.12.2012 of the CIT(A)-34, Mumbai, the assessee has raised following Grounds of Appeal: 1.The CIT(A) has erred in confirming the action of Assessing Officer in rejecting the book results and estimating the net profit at 5% of the total turnover of the appellant. Vide its application dt.2/6/15, the assessee has made an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome of the assessee at ₹ 21.45 lacs. The effective Ground of appeal is about rejecting the book results and estimating profit at 5% of total turnover of the assessee.During the assessment proceedings the AO observed that the assessee had failed to furnish complete purchase bills/payment made for purchases with regard to material purchased, that it had failed to furnish name and complete address of parties to whom payments were made, that purchases were made in cash. He held that the bills produced by the assessee seemed to be bogus. He further held that either the assessee did not maintain any books of account or were not maintained as per the accounting standards. Invoking the provisions of s. 145(3) he estimated the net profit of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the AO, that the AO/FAA had ignored the documents produced by it.DR supported the order of the FAA. We have heard the rival submissions and perused the material available on record. We find that the FAA had mentioned that the assessee had produced certain details including bank statements before AO,during the assessment proceedings, that the AO had passed an ex-parte order. If the assessee s books of account were audited and an audit report was filed along with the return of income,then it cannot be said the assessee was not maintaining the books of account. Considering the peculiar facts and circumstances of the case,we have admitted the additional evidence produced before us by the assessee. We are of the opinion that in the intere ..... X X X X Extracts X X X X X X X X Extracts X X X X
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