Sureshbhai Vihabhai Patel Vs ITO (ITAT Ahmedabad)
There is no dispute to the fact that there is a downfall in the gross profit ratio declared by the assessee in the year under consideration in comparison to the earlier years. But the controversy arises whether the downfall in the gross profit ratio gives the authority to the revenue to make any addition without pointing out any defect in the amount of purchases, sales stock shown in the books of accounts. The answers stands in negative. However, from the preceding discussion, we find that it has been alleged by the authorities below that the assessee has not furnished the necessary details whereas on perusal of the details available in the paper book it is transpired that the assessee has furnished all the necessary details. Thus, it seems to us that the necessary details furnished by the assessee during the respective proceedings have not been appreciated in the right perspective by the lower authorities and therefore in the interest of justice and fair play we are inclined to restore this issue to the file of the AO for fresh adjudication in the light of the documents available in the paper book and in accordance with the provisions of law. Hence, the ground of appeal of the assessee is allowed for the statistical purposes.
FULL TEXT OF THE ORDER OF ITAT AHMEDABAD
The captioned appeal has been filed at the instance of the Assessee against the order of the Learned Commissioner of Income Tax (Appeals), Gandhinagar, dated 24/03/2022 arising in the matter of assessment order passed under s. 250 of the Income Tax Act, 1961 (here-in-after referred to as “the Act”) relevant to the Assessment Year 2017-18.
2. The assessee has raised the following grounds of appeal:
Your appellant being aggrieved by the Order passed by the Learned Commissioner of Income-tax, (Appeals), National Faceless Appeal Centre (NFAC), Delhi, u/s 250 of the Income Tax Act presents this appeal against the same on the following amongst other grounds.
