9911796707
TMI Blog2023 (6) TMI 1455X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee company @ 20% of gross receipt however after considering the aforesaid facts of recurring losses incurred by the assessee company we consider that it is reasonable to restrict the net profit @ 6% of the gross receipt for want of verification by the AO since the assessee has failed to furnish all the supporting bills/vouchers during the course of assessment. We direct the assessing officer accordingly. Therefore, the grounds of appeal of the assessee are partly allowed. - SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI AMARJIT SINGH, ACCOUNTANT MEMBER For the Appellant : Rajesh Bhosle For the Respondent : Krishna Kumar ORDER PER AMARJIT SINGH (AM): This appeal is filed by the assessee against the order passed by the CIT(A)-11, Pune, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 147 of the IT Act, 1961. The said estimated income of Rs. 50,94,956/- has to be deleted. 5. The Appellant Company craves, leave to add, amend or alter the Grounds of this Appeal either at the time of hearing of the Appeal or at any time before that. 2. Fact in brief is that assessee is a company registered under the provisions of Company Act and engaged in the business of cinematographic films, educational programs advertisement etc. The assessee has not filed its return of income u/s 139 of the Act for the year under consideration. The assessing officer on the basis of information available on the ITD system found that the assessee had obtained the substantial receipt during the year under consideration and has not filed any return ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the basis of the ITD system that the assessee had substantial receipt but did not file return of income, the case of the assessee was reopened and the AO had estimated business income of the assessee at Rs. 50,09,956/- being 20% of the gross receipt of Rs. 2.50 crores after rejecting the books of accounts of the assessee. The assessee had shown expenses including depreciation to the amount of Rs. 2.61 crores which had resulted in net loss of Rs. 10,96,563/-. The assessee explained that bills/vouchers sought by the Assessing officer could not be produced on account of failure of its chartered accountant Shri Rahul Adlakha to the file the return of income and the duly audited Audit Report for the reasons best known to the chartered accountant ..... X X X X Extracts X X X X X X X X Extracts X X X X
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