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2010 (11) TMI 548 - AT - Income TaxRejection of books of accounts - estimation of profit - Held that: - AO was having suspicion that the yield shown by the assessee is lower as compared to the comparable cases. The AO has not been able to establish that there were sales outside the books of account in respect of either finished product or by-product. - The Hon'ble Punjab and Haryana High Court in the case of CIT vs. Ludhiana Steel Roll Mills (2007 -TMI - 2281 - HIGH COURT, PUNJAB AND HARYANA) had an occasion to consider the case where the AO found various discrepancies. - there is no case of rejection of books of account except some variation in valuation of closing stock.
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