Assessee, a non-resident Indian was running a gold jewellery shop.\u00a0 In the course of survey at\u00a0 business premises, it was found that assessee did not maintain books of account and only kept records of daily cash sales and stock using certain software. Brother-in-law, of assessee who managed business, admitted to suppressing sales during questioning under section 133A\u00a0\u00a0 Admitted sales suppression led to assessments made under section 144 read with section 147 on a best judgment basis, as assessee did not respond to section 148 notices.\u00a0 The AO estimated the net profit at 5% as against\u00a0 a net profit rate of 2%\u00a0 shown by the assesseee.\u00a0 CIT(A) affirmed the order of the AO. On appeal\u00a0 the Tribunal held that the assessee himself returned a profit rate of 8 per cent in earlier year.Appeal of assessee is dismissed. Tribunal also held that\u00a0\u00a0 Assessment order and intimation bearing DIN were uploaded on revenue’s portal-Assessee can not challenge validity of assessment order for lack of DIN. As regards Digital signature\u00a0 the Tribunal held that On account of technical issues departmental authorities were prevented from making digital signatures, prompting manual signing of assessment order-Orders were uploaded and sent to assessee’s registered email ID, it was deemed to be authenticated and therefore, assessment order was valid. (AY. 2015-16, 2106-17, 2019-20)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 145 : Method of accounting-Survey-Estimation of income-Assessee has shown net profit of 2 %-AO estimated net profit at 5%-Reported a profit of 8% in earlier years-Estimate of income at 5% is affirmed-Assessment order and intimation bearing DIN were uploaded on revenue’s portal-Assessee can not challenge validity of assessment order for lack of DIN-Assessment-Digital signature-On account of technical issues departmental authorities were prevented from making digital signatures, prompting manual signing of assessment order-Orders were uploaded and sent to assessee’s registered email ID, it was deemed to be authenticated and therefore, assessment order was valid.[S. 133A, 143(3),, 144, 147, 148,156, 271A, 271B, 282A(2)R. 127A] <\/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-48772","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-cGE","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48772","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=48772"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48772\/revisions"}],"predecessor-version":[{"id":48773,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48772\/revisions\/48773"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=48772"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=48772"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=48772"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}