Section 145 of the Income-tax Act, 1961 - Method of accounting - Estimation of income

IT : Where Commissioner (Appeals) had reduced net profit rate to 7.75 per cent from 12.5 per cent as applied by Assessing Officer, following Tribunal's order in immediately preceding year, no interference was required with Tribunal's order
■■■
[2015] 54 taxmann.com 64 (Jodhpur - Trib.)
IN THE ITAT JODHPUR BENCH
Income-tax Officer
v.
Shri Ram Traders*
HARI OM MARATHA, JUDICIAL MEMBER
AND N.K. SAINI, ACCOUNTANT MEMBER
IT APPEAL NO. 183 (JODH.) OF 2014
[ASSESSMENT YEAR 2009-10]
AUGUST  7, 2014
Section 145 of the Income-tax Act, 1961 - Method of accounting - Estimation of income (Estimation of income) - Assessment year 2009-10 - Assessing Officer rejected assessee's books of account on ground that it had not maintained various documents, e.g., stock register, works register, etc., and various expenses were not properly vouched and adopted net profit rate of 12.5 per cent - Commissioner (Appeals) upheld rejection of books of account but reduced net profit rate to 7.75 per cent - Whether since Commissioner (Appeals) had followed Tribunal's order for preceding assessment year in assessee's case, order of Commissioner (Appeals) could not be interfered with - Held, yes [Para 2.5] [In favour of assessee]