Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (5) TMI 945 - AT - Income TaxRejection of books of accounts u/s 145(3) - Unexplained Expenditure u/s 69C - Assessee was using the project completion method of accounting for years. Assessee's books of accounts were rejected by A.O. as he did not produce them during assessment proceedings. CIT(A) reexamined the issue and estimated the profit at 10% of the gross receipts after approving the rejection of the books of account. Also, ld. CIT(A) deleted the addition made by the A.O. u/s 69C of the IT. Act, 1961. - HELD THAT:- The approach adopted by the ld. CIT(A) regarding estimated income and Section 69C is correct and reasonable in comparison to the AO, thus approved the order of the ld. CIT(A).
|