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2013 (8) TMI 1023 - AT - Income TaxRejection of books of accounts - Held that:- AO has accepted the wages upto the month of February, 2009 and it is only with respect to the wages for the month of March, 2009 he had a doubt but at the same time as per findings of the ld. CIT(A) and the AO these wages have been paid up to July, 2009 i.e. in the following year. In the absence of any wages paid or payable during the year to be bogus, the AO was not justified in rejecting the books of account. Non maintenance of stock register with regard to the sand, soil, bajri, cement, crusher etc. - Held that:- In the absence of proper record maintained or in the absence of calculation of consumption presented before the authorities below or before us of such material, books of account cannot be treated as complete and accurate and therefore, we find no infirmity in the order of the ld. CIT(A), who has rightly invoked the provisions of section 145(3) of the Act. Estimation of income - Held that:- The assessee has declared Net Profit rate of 4.42% on the gross receipts of ₹ 23,09,62,133/- and to cover up possible leakage, we estimate Net Profit rate at 5% of the gross receipts as mentioned hereinabove and direct the A.O. to allow depreciation as per law subject to the income does not go down below the returned income. We order accordingly.
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