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2015 (12) TMI 1684 - AT - Income TaxRejection of books of accounts - Held that:- As the facts emerges that the assessee is a 100% exporter of the readymade garments and books of account are duly audited and supported by records. There is no adverse comments about the transactions, expenditure and stock maintenance, comparative stock inventory prepared by the assessee is based on the record and lower authorities have not pointed out any specific defects in the valuation of the closing stock and items. In our considered view, the books of account of the assessee cannot be rejected in such casual manner and summary manner. We find merit in the arguments of the ld. AR of the assessee that maintenance of day today production stock in the readymade garments trade is impossible to be maintained by the assessee. Adverse inference drawn about the expenses under the head stitching, embroidery, dying and printing being high have neither been justified ld AO nor any disproportionateness in comparative figure has been demonstrated. Thus in our view, the books of account of the assessee are not liable to be rejected. - Decided in favour of assessee. Loss in Tushar guest house - Held that:- We are of the view that when the Department has accepted the loss in assessment year 2007-08 then there is no justification in refusing the accepted loss in assessment year 2008- 09. Consequently, this ground of the assessee is allowed in assessment year 2008-09.- Decided in favour of assessee.
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