Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (4) TMI 1277 - AT - Income TaxAddition to total income - GP rate was lower than immediately preceding year, but net profit was better in this year - Additions of income as per 26AS details - Held that: - The AO has made the addition of ₹ 1,71,40,163/- as if the assessee has treated the gross receipts of ₹ 9,92,47,244/- as her income. The AO totally failed to appreciate that for receiving gross receipt, she might have incurred expenditure. Therefore, he at the most can consider the income at the rate of 1.96% of the turnover remained to be accounted - the additions is confirmed to the extent of 1.96% of different i.e. ₹ 1,71,40,163/-. The ld.AO shall calculate the amount and made addition in the income declared by the assessee - appeal allowed in part.
|