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2013 (2) TMI 730 - ITAT JODHPURRevision of orders prejudicial to revenue u/s 263 - rejection the books of account - whether GP rate as determined by AO is correct or not - Held that:- The assessee firm has not maintained stock register - assessee has not disclosed any value of material at the site and work-in-progress at the end of the year - considering these defects the AO rejected the books and decided to apply GP rate of 9.5 per cent subject to deduction of the interest to the third party, depreciation, interest on capital of the partners and partner's salary - CIT also suggested that the books of account were not reliable - It is well settled that once the books of account are rejected the only alternative to determine the income is application of profit rate - Decided in favor of Revenue
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