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2015 (6) TMI 1257 - ITAT RAIPURRejection of books of accounts - Addition by applying NP @0.73% by invoking provisions u/s 145(3) - HELD THAT:- We are also of the opinion that the graph of the business profit is always not a straight line but it fluctuates year to year. The reasons for the fluctuations as given by the assessee that there was higher expenditure of electricity, stated to be main ingredient for the manufacturing of steel products and MS Ingots. It is also worth to mention that the AO has not given any specific reason for rejection of books of accounts. When the day to day consumption register was maintained and the sales/purchase were stated to be verifiable by supporting bills/vouchers, hence in our opinion as well; the invoking of the provisions of section 145 that too in a cursive manner was not appreciable in the eyes of law. For this legal proposition few case laws have been cited but keeping brevity in mind same are not to be discussed in detail. We, therefore, uphold the view taken by the ld. CIT(A). This ground is dismissed.
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