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2011 (11) TMI 52 - HC - Income TaxSection 145(3) of the Income Tax Act - manufacturing and trading of Hawai Chappals, Canvas shoes etc - books of accounts of the assessee were found to be defective - Revenue contended that tribunal had also erred in law in allowing the deduction on personal uses of various assets claimed by the respondent in its books of accounts - CIT(A) said that even if it is accepted for the moment that there was defect in the books of account as the AO tried to, it is well established position of law that past result of assessee is the best guide to estimate the income. Undisputedly, the assessee had shown better turnover and better g.p. rate during the year in comparison to immediately preceding year as discussed above. The assessee has also met out the defects pointed out by the A.O - Held that appeal is devoid of any merit - decided in favor of assessee.
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