CIT(A) Admits Evidence but Says Nothing: Matter Sent Back to AO

AKM Associates Vs ITO (ITAT Delhi) Assessee, in its first year of business, faced estimation of net profit @2% by AO. During appellate proceedings, Assessee furnished additional evidences before CIT(A), which were admitted and even subjected to remand proceedings. However, CIT(A) failed to adjudicate or record any finding on such additional evidences and mechanically sustained AO’s NP estimation @2%. ITAT held that once additional evidences are admitted and remand report is called for, CIT(A) is duty-bound to deal with them by a reasoned order. Sustaining estimation without examining or dis...