2023 (9) TMI 1616

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..... n the basis of surmises and conjectures. ITAT correctly held AO has verified the records produced including books of account, bills, vouchers, bank accounts and also summoned various trade creditors and found the same to be in order. The Assessing Officer also verified the job work charges, payment of expenses etc. and found to be in order. Based on the above Remand Report, the Ld. CIT(A) has deleted the addition made by the Assessing Officer. Thus the appeal filed by the Revenue is an unnecessary exercise and frivolous appeal - Decided against revenue. - HONOURABLE MR. JUSTICE BIREN VAISHNAV AND HONOURABLE MR. JUSTICE BHARGAV D. KARIA, J MR KARAN SANGHANI, ADVOCATE FOR MRS KALPANA K RAVAL (1046) For the Appellant ORAL ORDER (PER : HONOUR .....

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..... icer estimated the profit of the assessee at 8% of its turnover from operations. 3.1 When the matter was carried in appeal, the CIT(A) asked for an explanation and called upon the assessee to furnish details and in view of the remand report called for from the assessing officer, the assessing officer had categorically stated in paras 4.3 to 4.6 that the assessee had produced all the books of account with vouchers and bank statements. Written submissions in response to the details called for were also furnished. The books of accounts were produced in a soft copy. Random verification was carried out of the bills of exchange expenses etc which revealed that there was no adverse finding given by the Assessing Officer in the remand report and th .....

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..... 2015. In view of such facts and circumstances of the case, a remand report was called for from the AO. He was also requested to allow an opportunity to the appellant if required. The AO categorically mentioned in para 4.3 to 4.6 in the remand report that the assessee produced all the books of accounts with vouchers and bank statements. Written submissions, in response to the details called for, were also furnished. The books of account were produced in soft copy also which was placed on record. Similarly, the AO also gathered information u/s 133(6) from the sundry creditors and found them in order. Random verification was carried out of the bills of purchase, contracts, payments of job work charges and expenses etc and he found these docume .....

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