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2013 (2) TMI 863 - ITAT COCHINSuppression of sales turnover in respect of sale of IMFL and cooked food, soft drinks / soda, etc. - Held that:- In this case it is not in dispute that the purchase made by the taxpayer was recorded in the books of account. It is not the case of the revenue that the taxpayer has purchased any IMFL outside the books of account. Therefore, there is no investment outside the books of account. As found by the PRESIDENT INDUSTRIES. [1999 (4) TMI 8 - GUJARAT HIGH COURT] what is to be taken is only the profit element embedded in such suppressed turnover. CIT(A) has rightly found that what is to be added is only the profit element embedded in such transaction and not the entire turnover. Therefore, this Tribunal do not find any infirmity in the order of the lower authority. Accordingly, the same is confirmed.
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