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2013 (8) TMI 998 - ITAT INDOREAddition made on account of difference in stock, admitted during survey, and declared in profit and loss account - Held that:- There is uncontroverted finding in the impugned order that the learned CIT(A) duly verified different silver accounts which were submitted by the assessee during survey and the Assessing Officer overlooked the stock of silver/silver ornaments copies of which were made available at the time of survey. The correct excess stock of silver was 71.295 kms valued at ₹ 7,40,515/- which was offered by the assessee in its profit and loss account. We are also in agreement with the finding of the learned CIT(A) that so far as the shortage in gold ornaments is concerned, only profit embedded in the sale can be taken as income of the assessee. There is further uncontroverted finding that correct difference of income has been offered by the assessee in its profit and loss account. In view of these facts, we find no infirmity in the conclusion drawn in the impugned order. It is affirmed. Disallowance made on account of interest expenses - Held that:- There is uncontroverted finding in the impugned order that the same rate of interest was paid by the assessee in last year and no such disallowance was made. Even otherwise, unless and until corroborative material is brought on record, it is not expected from the Assessing Officer to conclude that the interest rate of 15% was too high. At the same time, the interest rate on secured loan from banks cannot be compared with interest rate on unsecured loan. The businessman knows his interest best. The Assessing Officer is not expected to sit in the chair of the businessman and decide the reasonableness of rate of interest that too without bringing any corroborative material on record. In view of these facts, on this ground also we find no justification to interfere with the conclusion drawn by the learned CIT(A)
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