9911796707
TMI Blog2022 (3) TMI 1274X X X X Extracts X X X X X X X X Extracts X X X X ..... served on the assessee on 16.09.2016 which is within the period of limitation therefore, this ground of the assessee's appeal is de-void of merit and the same is dismissed. Addition while passing ex-parte assessment order u/s 144 - estimation the income of the assessee - AO applying net profit rate at 10% on the receipts as found deposited in the bank account of the assessee - CIT(A) restricted the addition to 5% as against 10% net profit rate applied by the Assessing Officer - HELD THAT:- There is no dispute that the return of income filed by the assessee does not disclose and contain the necessary information and details as required. Except the total income declared nil, no other details are given in the return of income. The A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... HRI.VIJAY PAL RAO , JUDICIAL MEMBER Appellant by : Mr. Praveen Godbole, C.A. Respondent by : Mr. A.K. Singh, Sr. DR ORDER Vijay Pal Rao, Judicial Member This appeal by the assessee is directed against the order dated 14.03.2019 of CIT(A) for the assessment year 2015-16. The assessee has raised the following grounds:- 1. That in any view of the matter the assessment made an income of ₹ 41,64,141/- vide order dated 16/11/2017 passed u/s. 144 of the Income Tax Act is bad both on the facts and in law and the loss declared in the return should have been accepted. 2. That in any view of the matter after filing of return no notice u/s. 143(2) of the IT act has been served on the assessee which is a mandatory r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 143(2) of the Income Tax Act. 3. I have heard the learned AR as well as learned DR and considered the relevant material on record. Though the assessee has challenged the validity of assessment for want of service of notice under section 143(2) of the Income Tax Act however, during the course of argument nothing has been brought on record on behalf of the assessee to negate the fact that the notice under section 143(2) dated 14.09.2016 was served on the assessee as per the receipt dated 16.09.2016. On the contrary, the department has filed the relevant record including the order-sheet of the assessment proceedings as well as the copy of the notice issued under section 143(2) dated 14.09.2016 which was received by the assessee/AR on 16. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the total deposits as gross receipts of the assessee without considering the contra entries of withdrawal from the bank prior to the deposits made in cash. Therefore, the action of the Assessing Officer is highly arbitrary and unjustified. The learned AR has further contended that the adoption of the net profit @ 10% by the Assessing Officer which is restricted to 5% is also arbitrary and exorbitant without any basis. He has referred to the comparative chart at page 6A of the paper book and submitted that the Assessing Officer has accepted the net profit rate declared by the assessee for the assessment year 2013-14 @ 2.78% and loss declared by the assessee for the assessment year 2014-15. Thus the learned AR has contended that without cons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... epted the said addition under Vivad Se Vishwas Scheme, 2020. He has pointed out that the appeal filed by the assessee for the assessment year 2014-15 in ITA No. 42/Alld/2019 was dismissed as withdrawn in pursuance to the assessee opted for Vivad Se Vishwas Scheme, 2020. He has relied upon the orders of the authorities below. 8. I have considered the rival submissions as well as relevant material available on record. There is no dispute that the return of income filed by the assessee does not disclose and contain the necessary information and details as required. Except the total income declared nil, no other details are given in the return of income. The Assessing Officer issued notices under section 143(2) as well as various notices iss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the assessee requires a proper verification of the details and facts to be produced by the assessee and consequently the estimation of the income is also required to be on the basis of some reasonable and proper criteria as a guidance for estimation of income therefore, in the facts and circumstances of the case and in the interest of justice, the matter is set aside to the record of the Assessing Officer for the adjudication of these two issues for computation of gross receipts/turnover of the assessee and estimation of income by giving one more opportunity to the assessee to furnish the relevant details. Hence the matter is set aside to the record of the Assessing Officer to re-adjudicate the issue in the above mentioned terms. The appe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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