Hemant Kumar Pradhan Vs ITO (ITAT Cuttack)
Original assessment u/s.143(3) of the Act was made by the AO by rejecting the books of accounts of the assessee and estimating the income of the assessee at 8% of the gross contract receipt of Rs. 49,10,212/-. It is trite law that once the books of accounts of the assessee are rejected, the same cannot be relied for making addition u/s.69 of the Act. This view finds support from the decision of Lucknow Bench of the Tribunal in the case of ITO Vs. M.S.Builders Pvt. Ltd. in ITA 564/LKW/2011 (AY : 2008-09), order dated 26.05.2013
FULL TEXT OF THE ITAT JUDGMENT
This is an appeal filed by the assessee against the order of the CIT(A)-2,Bhubaneswar, dated 06.12.2016.
2. There is a delay of 27 days in filing the present appeal by the assessee. The assessee has filed an affidavit explaining the reason for delay of 27 days in filing the appeal. I find that the assessee had sufficient reason for delay in filing the appeal. Therefore, I condone the delay of 27 days in filing the appeal and admit the appeal for hearing.
3. Ground of 1 of the appeal raised by the assessee reads as under :-






