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2014 (11) TMI 723 - AT - Income TaxAddition of unaccounted consignment sales – Income included in P&L account or not – Held that:- The assessee has been consistently following a particular method of accounting - Its accounts are audited u/s 44AB of the I.T. Act - Auditors have been consistently certifying that the assessee has been regularly following the method of accounting and that the annual profits can be properly deduced from such method of accounting employed by the assesse - assessee was regularly employing the system of accounting as per the Accounting Standard - The AO was not justified and rejecting the books of account by holding that the correctness and completeness of the account was not satisfied - The addition for consignment sales not included in the turnover of the assessee is against the guidelines issued by the Institute of the Chartered Accountants of India - The goods received on consignment basis belongs to consigner and assessee was entitled for commission – Decided against revenue.
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