Tribunal affirmed the order of CIT(A) and held that estimate of net profit at 6. 5 % is proper and when the income is estimated separate addition as unexplained expenditure cannot be made. (AY. 2014-15)
ACIT v. Ceigall India Ltd. (2021) 209 TTJ 85 (Chd.)(Trib.)
S. 144 : Best judgement assessment-Assessing Officer rejected the books of account and estimated the net profit rate of 12%-CIT(A) estimated at 6.5%.-Order of CIT(A) is affirmed-Un explained expenditure-When the income is estimated separate addition as unexplained expenditure cannot be made-Order of CIT(A) is affirmed. [S. 69C, 145(3)]