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2015 (4) TMI 59 - BOMBAY HIGH COURTReduction in profit - ITAT upholding the decision of the CIT(Appeals) in reducing the profit of the assessee from 30% to 10% in respect of profit from M/s.Lameens Entertainment and from 30% to 15% in the case of Dress Designer account - Held that:- Commissioner of Income Tax (Appeals) and the Tribunal, both, has reached the concurrent finding of fact that the profits has restricted to 10% of the gross receipts received from M/s.Lamee's Entertainment Factory, and on account of dress designing. This finding of fact has not been shown to be perverse or arbitrary. Guinness of gift - ITAT deleted addition - Capacity and creditworthiness of the donor who gifted ₹ 9.60,000/- to the assessee - Held that:- Gift of ₹ 9.60 lakhs which was received by the respondent-assessee from her sister in U.S.A. was found to be the gift given by close relative who was a capable donor on the basis of the evidence produced before the Authorities by the respondent-assessee. The aforesaid concurrent finding of the Authorities are finding of fact and have not been shown to be perverse or arbitrary in any manner. The conclusion reached by the Authorities under the Act are reasonable, we see no reason to interfere with the same - Decided against revenue.
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