9911796707
TMI Blog2023 (5) TMI 1353X X X X Extracts X X X X X X X X Extracts X X X X ..... uld be very reasonable to meet the ends of natural justice. Accordingly, we direct the Assessing Officer to recompute the income of the assessee by adopting the net profit ratio at 18.40% for all three assessment years under appeal. - SHRI V. DURGA RAO, JUDICIAL MEMBER AND SHRI MANOJ KUMAR AGGARWAL, ACCOUNTANT MEMBER For the Appellant : Shri D. Anand, Advocate Shri P. Hari, Advocate For the Respondent : Shri P. Sajit Kumar, JCIT ORDER PER BENCH: These three appeals filed by the assessee are directed against the common order of the ld. Commissioner of Income Tax (Appeals) 10, Chennai dated 31.10.2017 relevant to the assessment years 2010-11, 2011-12 and 2012-13. 2. These three appeals filed by the assessee are delayed by 114 days in filing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessment was completed on 31.03.2015. The assessee has not filed any balance sheet or statement of affairs disclosing his investments in movable and immovable assets. Based on the impounded materials and since the assessee has not maintained proper books of accounts even though his transactions in real estate are voluminous, the Assessing Officer has arrived at the total net profit earned by the assessee for the assessment years 2010-11, 2011-12 and 2012-13 at ₹.6,51,83,493/- as against ₹.3,61,15,693/- admitted during the course of survey. On appeal, by granting relief as proposed in the second remand report of the Assessing Officer dated 19.06.2017, the ld. CIT(A) partly allowed the appeals of the assessee. 4. On being aggriev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come after giving relief as suggested by the Assessing Officer in the second remand report for all the three assessment years under appeal. 7.1 Before us, the ld. Counsel for the assessee has filed turnover profit ratio comparison chart, wherein, the net profit ratio adopted in the appellate order for the assessment years 2010-11, 2011-12 and 2012-13 are 23.29%, 43.15% and 51.75%, which appears to be very high as compared to previous years comparison of the net profit ratio of 17.03%, 18.40% and 16.38% in the year ended 31.03.2007, 31.03.2008 and 31.03.2009 respectively. In the absence of regular books of accounts of the assessee, the assessments as per survey report are very high. The ld. CIT(A) has allowed some relief as proposed by the A ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
