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TMI Blog2020 (1) TMI 699X X X X Extracts X X X X X X X X Extracts X X X X ..... ve at the same in a haphazard manner. Tribunal, while disposing of the appeal has not given conclusive findings but has made certain observations to emphasis the need for remand. Tribunal has made these observations only to emphasis that there are various aspects for the Assessing Officer could have taken into consideration. No substantial question of law. - INCOME TAX APPEAL NO.1359 OF 2017 - - - Dated:- 6-1-2020 - NITIN JAMDAR M.S. KARNIK, JJ. Mr. Sham V. Walve a/w. Mr. Pritish Chatterjee for appellant. P.C.:- Heard learned counsel for the Appellant. 2. The present Appeal relates to Assessment Year 2010-11. 3. By this appeal filed under Section 260A of the Income Tax Act, 1961, the Appellant challenges the o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1,18,36,390/-, the Assessing Officer issued notice to the Respondent Assessee in respect of the details of the parties from whom the Respondent Assessee had made purchases and received advances. After details were so furnished, the Assessing Officer issued notice to the parties and after conducting the inquiry and perusal of material on record, the Assessing Officer rejected the assessee s book results and estimated the net profit ratio at 20% and added further income of ₹ 86,64,618. 6. In the Appeal, remand report was submitted by the Assessing Officer to the Commissioner of Income Tax (Appeals). After order passed by the Commissioner of Income Tax (Appeals), the Appeal of the Respondent Assessee was considered by the Tribu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... comparable case to justify such a high estimation of profit. In the matter of estimating the profit rate for the purpose of best judgment assessment, the assessee s past or subsequent history is to be looked into or some comparable case engaged in similar line of business or having similar attributes has to be identified and brought on record and after carrying out some comparable analysis a reasonable net profit rate/GP rate can be applied. Here in this case, no basis has been given for estimating the net profit rate of 20% albeit from the assesseee s own records, it is seen that the net profit rate from the Assessment Year 2008-09 to 2012-13 have been ranging between 9.30% to 11.40%. The details of turnover as well as net profit rate have ..... X X X X Extracts X X X X X X X X Extracts X X X X
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