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Same line of business in same area is reliable in estimation of profit in best judgement assessment
Case Law Details
- Case Name
- ITO Vs M/s Apex Goods Pvt. Ltd. (Kolkata ITAT)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2008-09
- Courts
- All ITAT, ITAT Kolkata
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CA Kanhaiya Kumar Agarwal
Brief Facts of the Case and Question of Law:
Brief Facts
The assessee-company is a Civil Contractor as well as trading in sarees and fabrics. The assessee-company filed its return of income on 28-09-2008 declaring total income at Rs.3,07,285/-. As noted by AO, the assessee could not produce the books of account and supporting bills and vouchers. The AO accordingly resorted to Sec. 144 of the Act and in response to show cause notice u/s. 145(3) of the Act rejected the book results.
The AO assessed the income from civil construction by estimated net profit @ 8% on the t...
