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2009 (10) TMI 34 - HIMACHAL PRADESH HIGH COURTRejection of books of accounts – high yield versus law yield - Addition of Rs.13,22,292/- was made on the basis that the assessee in the year in question had shown a percentage yield 1.6 %. There was an abnormal fall in the yield since in the previous year percentage oil yield from the cedar wood was more than 4.6%. The Assessing Officer held that the yield percentage could not have been less than 4% and thereby made addition of Rs.13,22,292/-. – ITAT confirmed the order of AO – held that - The Tribunal has made reference to the arguments raised on behalf of the revenue as well as the assessee and it is apparent that one of the main arguments raised was whether the books of account could be rejected or not? In fact, according to the Tribunal, the first issue to be decided was whether the Assessing Officer was justified in rejecting the books of account. After considering the entire material, the Tribunal came to the conclusion that the Assessing Officer was justified in rejecting the books of account. It has also given reasons for the same. – order of ITAT upheld
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