Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2010 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (4) TMI 760 - AT - Income TaxAddition - Adoption of rate of 5 per cent as against the rate of 8 per cent to the gross receipts - Since, during the remand proceedings, the assessee had produced the books of account and the same were found to be as per the book results, shown by the assessee find no merit in adoption of rate of 8 per cent to the book results for working out the income for the year - However, as the assessee has failed to file evidence in respect of the material purchased and certain expenses and in the absence of the assessee filing the same on record, even before the lower authorities or before us, conformity with the order of CIT(A) in adopting net rate of 5 per cent to the gross receipts for working out the income of the assessee for the year under appeal. Introduction of capital - Source - Held that:- no merit in the ground raised by the revenue, where the Assessing Officer himself had made verification in respect of capital introduction made by the partners of the assessee firm and held the same to be properly explained - Decided in favour of assessee. Addition on account of creditors - genuineness of the sundry creditors - So far as genuineness of sundry creditors is concerned, it is seen that these creditors have been reflected in the books of account maintained by the assessee - Besides, the assessee has filed attested copies of affidavits of these creditors who confirmed that the amount mentioned by the assessee in its balance sheet in their names was on account of material supplied by them or services rendered by them which has been received by them from the assessee firm in the subsequent year - Decided in favour of assessee.
|