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2018 (12) TMI 282 - ITAT DELHIGP of unaccounted sale - separate addition was made for the source of unaccounted sale - Held that:- AO wrongly observed the unaccounted turnover as unaccounted stock. The CIT(A) has correctly taken the actual facts and taken into account the unaccounted turnover. The decision in case of Balchand Ajit Kumar [2003 (4) TMI 76 - MADHYA PRADESH HIGH COURT] and President Industries [1999 (4) TMI 8 - GUJARAT HIGH COURT] are applicable in the present case and thus in case of unaccounted turnover, only addition of profit embedded therein can be made. AR also relied upon the case of S. M. Omer [1990 (1) TMI 3 - CALCUTTA HIGH COURT] wherein it is held that in such circumstances Assessing Officer cannot take resort to Section 69 of the Act and only net profit rate has to be applied which has been correctly done by the CIT(A). As regards to the rejection of books of accounts and estimation of GP rate is concerned, the Ld. AR submitted that complete books of accounts were already available with the Assessing Officer in the soft copy as the same were seized in the form of two CDs as per Annexure-N to the Panchnama. From the records it appears that complete books of accounts were produced before the Assessing Officer in 143(3) assessment wherein the GP rate as shown by the assessee was accepted. Thus, we are not inclined to interfere with the findings of the CIT(A). - Decided in favour of assessee.
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