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2013 (1) TMI 650 - PUNJAB AND HARYANA HIGH COURTAddition on estimate basis by arbitrarily rejecting the books being duly audited - assessee is using old machinery and oil cakes have has to contain appreciable amount of oil for sale in market towards animal feed - Held that:- The sales of oil and oil cakes have been shown in the manufacturing account in consolidated form although there is wide variation in the market price in these products best known to him. Also there was wide variation in the percentage of yield of oil, sale rates of oil and oil cakes in the market, but keeping in view the yield disclosed by the appellant in the consolidated form not only the books of account were rejected but also the yield was assessed in a particular manner. The order passed by the Tribunal is based upon pure findings of fact. No substantial question of law arise for consideration. Addition on account of interest on business loan - Held that:- Since the assessee has advanced loan from his cash credit account on which the interest was paid by the appellant, therefore, such interest has been rightly disallowed as expenditure. The plea of the assessee the amount being advance interest free loan has rightly been not accepted - appeal against assessee.
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