Claim of Assessee of Profit lower than 8% cannot be denied for mere non-submission of Tax Audit Report

ACIT Vs Vairam Constructions (ITAT Chennai) This appeal by the Revenue and cross objection by the assessee is arising out of order of the order of Commissioner of Income Tax (Appeals)-IV, Chennai in Appeal No.CIT(A) IV/CHE/263/06-07, vide order dated 20.11.2018. The assessment was framed by the ACIT, Business Circle IX, Chennai for the assessment year 2000-01 vide order dated 18.03.2005 u/s.143(3) r.w.s. 147 of the Income Tax Act, 1961 (hereinafter the ‘Act’). 2. The only issue in this appeal of Revenue is as against the order of CIT(A) deleting addition made by the AO in respect of incom...