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2009 (8) TMI 39 - PUNJAB AND HARYANA HIGH COURTRejection of Books of Accounts - assessee had failed to furnish the requisite separate trading and profit & loss account of trading of various commodities and that of the bottling plant – CIT(A) and ITAT hold that there is no case for rejection of books of accounts – Held that Admittedly, every Assessment Year is a separate and independent year which should be considered to the facts of that year. Even otherwise the Assessing Officer has not given any basis while increasing the Gross Profit rate while comparing the rate of purchases and sales of the last year specially when the rate of purchases for the impugned Assessment Year considerably increased in comparison to last year - The assessee has followed the Fifo method while valuing the stock at cost and copies of bills were submitted during assessment proceedings and the latest rates were available with the assessee in respect of its products – Order of CIT(A) and ITAT upheld.
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