SHYAMLAL AGRAWAL V. INCOME TAX OFFICER

TAXC/46/2009

AI Insights

The case involves M/s Shyamlal Agrawal, the appellant, who filed an appeal under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal, Bilaspur. The dispute centered on the assessment of gross profit for the assessment year 2005-06, where the appellant's account books were stolen, leading to a best judgment assessment by the Assessing Officer. The Tribunal estimated the gross profit at 12%, higher than the 11% estimated by the CIT(A). The High Court dismissed the appeal, agreeing with the Tribunal's assessment and rejecting the appellant's contention that the accounts could only be rejected under Section 145(3) if they were not correct or complete.

• Counselvise Citation: [2010] 140 COUNSELVISE.COM (IT) 752759 (HC-CHHATTISGARH)
• Appeal Type: Others
• Pronouncement Date: 05-01-2010
• Assessment Year: misc
• Other Referred Cases: Additional Commissioner of Income Tax, Delhi-II Vs. Jay Engineering Works Ltd.
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Revenue
• Court: HIGH COURT
• Department Lawyers: RAJEEV SHRIVASTAVA
• Assessee Lawyers: NEELABH DUBEY
• Keywords: Audit report; Best Judgment Assessment; Gross profit estimation; Account books theft
• Section: 143(2); 143(1); 271(1)(c); 271(1)(b); 145(3); 144A; 260-A

Judgement Text

"TH /}j^-- 13 .ol-TO WtW COWTOf CWATTISGAW AT BILASFUR TaxCase No,46 pf 2009 '> APPELLANT: (Assessee) Ws Shyamlal AgnwK^ Versus RESPONDENT: (Revenue) Income Tax C?fficer OR&ER FOR CONSIDERATEON HON-BLE SHRI R.N. CHANDRAKAR. J Sd/- Dhirendra Mishra Judge OL<^-t-ejz_ ~