AO cannot take different way of assessing income if mode of income is identical to subsequent years

New Edge Shares & Securities Pvt. Ltd. Vs ITO (ITAT Delhi)

In a recent ruling ITAT Delhi partly allowed the appeal of the assessee and modified the order passed by the AO is modified to restrict the unaccounted income by applying 0.3% of the total credits received during the year.

Assessee being a Private Limited Company, was engaged in the business of trading of shares of listed and unlisted companies on commission basis. The assessee did not file return of income for Assessment Year 2011- 12 as name of the assessee has been struck off from record of Registrar of Compan

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