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2015 (8) TMI 1281 - AT - Income TaxRejection of books of accounts - profit rate estimation of 1.5% - Held that:- No opening stock inventory and closing stock inventory in quantity as well as in value was furnished. The assessee did not produce any stock register. The Assessing Officer considered that even if rebate and discount is reduced, then GP would work out to 0.29%. Further, the last questionnaire issued by the Assessing Officer was not responded to by the assessee, therefore, it is clear from the findings of the authorities below that assessee did not cooperate in finalization of the assessment and no complete details were furnished.Therefore, Assessing Officer was justified in rejecting the book results. Since complete details have not been furnished even before us, therefore, history of the assessee could not be considered favourably because for the year under assessment as well as for earlier years, no details have been produced before us in support of the claim made by the assessee. Considering the conduct of the assessee, in not filing complete details, we do not find any justification to interfere with the orders of authorities below - Decided against assessee Disallowance of expenses and under section 40A(3) - Held that:- Once GP rate is applied, no further disallowance could be made out of various expenses as well as under section 40A(3) of the Income Tax Act. We, accordingly, following the decision in the case of Banwari Lal Banshidhar (1997 (5) TMI 37 - ALLAHABAD High Court ) set aside the orders of authorities below and delete the addition - Decided in favour of assessee Addition on account of cash credit under section 68 - Held that:- Since the assessee has failed to furnish any evidence on source of the deposit and credit worthiness of the creditor, therefore, assessee has failed to prove the credit worthiness of the creditor and genuineness of the transaction in the matter. No submissions were made before ld. CIT(Appeals) and even no evidence have been produced before us to explain the above issue, therefore, we do not find any error in the orders of the authorities below in making and confirming the addition. - Decided against assessee Addition of deduction claimed under section 80C being the amount of tuition fees paid by the assessee for school going children - Held that:- The assessee did not furnish any evidence regarding payment of the tuition fee therefore, addition was made. No evidence was furnished before ld. CIT(Appeals). Therefore, addition was confirmed. Even before us, no evidence of payment of tuition fees has been filed. The ld. counsel for the assessee has shown inability to produce any evidence in this regard. - Decided against assessee
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