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2014 (4) TMI 521 - AT - Income TaxBest judgement assessment - CIT(A) deleted addition made by Assessing Officer on account of bogus claim of shortage, difference in closing balance in account of IOC, cash payment of unexplained liability and estimated income from tanker lorry Deletion of additions u/s 44AE - Held that:- once gross profit is estimated and books of accounts were rejected, there is no case for such an addition - In case of addition for bogus purchase, Assessing Officer himself has admitted in remand report that parties had confirmed sales Vis-a-vis addition made for difference in accounts of IOC Ltd. - CIT(Appeals) accepted claim of the assessee that balance-sheet filed alongwith return stood reconciled - As for addition made for unclaimed liability CIT(Appeals) had deleted after giving clear finding that it was a balance carried forward from an earlier year - As for addition made under section 44AE of Act, it is not disputed that lorry was utilized for business purposes and never given on hire - CIT(A) had deleted this addition rightly relying on decision of Allahabad High Court in case of Banwari Lal Banshidhar [1997 (5) TMI 37 - ALLAHABAD High Court] No reason to interfere with order of CIT(A) Decided against Revenue.
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