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TMI Blog2019 (9) TMI 860X X X X Extracts X X X X X X X X Extracts X X X X ..... finding of fact recorded by the authorities below to estimate income. However, direct the assessing officer to modify the application of profit rate by applying profit rate of 8% against total receipts of ₹ 58,43,303/- and compute income of assessee accordingly instead of 12% - Appeal of the Assessee partly allowed. - ITA.No.5778/Del./2018 - - - Dated:- 2-9-2019 - Shri Bhavnesh Saini, Judicial Member For the Assessee : Shri Sushil Kumar Tandon, FCA For the Revenue : Shri S.L. Anuragi, Sr. D.R. ORDER This appeal by assessee has been directed against the order of the Ld. CIT(A)-1, Gurgaon, Dated 29th June 2018, for the assessment year 2010-11 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee. In the absence of production of the books of account, bills/vouchers, the assessing officer assessed the income by applying 12% of ₹ 58,43,303/- and computed income of ₹ 7,01,196/-. The assessing officer also initiated the penalty proceedings for non-audit of the books of account of assessee. 3. The assessee challenged the addition before the Ld. CIT(A). The written submissions of the assessee are reproduced in the appellate order in which the assessee explained that the assessing officer has very hastily passed the assessment order without affording proper opportunity of being heard to the assessee. The assessee has brought with him all the ledger accounts of expenses, bills / vouchers, but, at that ti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... low. 6. I have considered the rival submissions. The Ld. CIT(A) has specifically noted in his findings that assessee has failed to produce books of account, bills and vouchers before assessing officer. Learned Counsel for the Assessee referred to the order sheet of the assessing officer which also supports the findings of the authorities below. The assessing officer in the order sheet has specifically noted that in case books of account will not be produced, income will be assessed by applying 12% against receipts declared. Learned Counsel for the Assessee referred to the replies filed before authorities below, but, it no where proves that assessee produced books of account before Ld. A.O. or CIT(A). Since ..... X X X X Extracts X X X X X X X X Extracts X X X X
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