Tribunal held that\u00a0 though the Assessing Officer had applied the rate of 12 per cent. and the National Faceless Appeal Centre had reduced it to 5 per cent., no cogent reason had been given for such estimation. The past history or trend of the assessee had not been considered by the authorities. Therefore, the application of a net profit rate of 2.5 per cent. on the gross receipts would meet the ends of justice inasmuch as any leakage of revenue would be covered and the assessee\u2019s non-production of books of account and vouchers would also be taken care of. Followed, CIT Central and United Provinces v. Laminarain Badridas (1973) 5 ITR 170 (PC), Berger Paints India Ltd v.CIT (2004) 266 ITR 99 (SC)\u00a0 (AY.2013-14)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 144 : Best judgment assessment-Failure to produce vouchers and books of account-Not owning the Trucks-Estimation of profit-Failure to produce books of account-Assessing officer estimating at 12 Per Cent on gross receipts-CIT(A) reducing to 5 Per Cent-Tribunal applied 2.5 Per Cent of net profit rate on gross receipts. [S. 44AB, 143(3), 145(3)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-36756","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-9yQ","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36756","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=36756"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36756\/revisions"}],"predecessor-version":[{"id":36757,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36756\/revisions\/36757"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=36756"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=36756"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=36756"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}