Prem Chand Jain v. The Income-tax Officer, Ward-4 (2), Jaipur
[Citation -2020-LL-0701]
| Citation | 2020-LL-0701 |
|---|---|
| Appellant Name | Prem Chand Jain |
| Respondent Name | The Income-tax Officer, Ward-4 (2), Jaipur |
| Court | HIGH COURT OF RAJASTHAN |
| Relevant Act | Income-tax |
| Date of Order | 01/07/2020 |
| Assessment Year | 2014-15 |
| Judgment | View Judgment |
| Keyword Tags | books of accounts • gross profit |
| Bot Summary: | Heard learned counsel for the appellant and perused the grounds taken herein and also perused the order passed by the Income Tax Appellate Authority. Learned counsel for the appellant fairly admits that the appellant did not produce any books of accounts since he has lost the same before the income tax authorities. On perusal of the same, it appears that the appellant had a sale turnover in the assessment year 2014-15 for a sum of 26.9 Crores and he indicated the gross profit of 24.9 Lacs on total sales, which effectively amounted to only 0.93. The appellant submitted that his books of accounts were lost in transaction for which he has lodged the FIR. 4. After perusing the order of the ITAT, we do not find any justifiable cause to interfere with the same. |