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| The Tax Publishers2021 TaxPub(DT) 0780 (Chen-Trib) INCOME TAX ACT, 1961
Section 144
Since it was not the case of AO that assessee had not filed explanation to explain difference in turnover as per books of account and Form 26AS, one more opportunity of hearing was granted to the assessee and appeal was set aside to the file of AO to redo the assessment after considering necessary evidence filed by the assessee.
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Assessmet - Best judgment assessment - Difference in turnover as per books of account and gross receipts as per Form 26AS -
AO passed ex-parte best judgment assessment under section 144 read with section 145(3) and estimated net profit of 5% on total receipts as per Form 26AS and made addition accordingly on the ground that there was difference in turnover as per books of account and gross receipts as per Form 26AS. Held: It was not the case of AO that assessee had not filed explanation to explain difference in turnover as per books of account and Form 26AS. Only reason for rejection of explanation furnished by the assessee was non-furnishing of books of account. In order to give one more opportunity of hearing to the assessee, the appeal was set aside to the file of AO and direct him to redo the assessment, after considering necessary evidence filed by the assessee including reconciliation explaining the difference between turnover as per books of account and Form 26AS.
REFERRED :
FAVOUR : Matter remanded.
A.Y. : 2014-15
IN THE ITAT, CHENNAI BENCH
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