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2015 (3) TMI 1115 - AT - Income TaxAddition on account of profit arising on the suppressed sales - calculation by estimating the production on the basis of alleged electricity consumption - rejection of books of account - Held that:- In the cross appeals filed by the assessee and the Revenue, we hold that there is no merit in the order of Assessing Officer in rejecting the books of account under section 145 of the Act. Consequently, the ground of appeal No.3 raised by the assessee is allowed. Further we also delete the addition made on account of gross profit arising on the suppressed sales worked out on the basis of alleged electricity consumption and consequently, the grounds of appeal Nos.4 and 5 raised by the assessee are also allowed. Further, the addition made on account of working capital requirement is also deleted . Hence, the grounds of appeal Nos.3 to 6 raised by the assessee are thus, allowed. - Decided in favour of assessee
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