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2010 (1) TMI 898 - AT - Income TaxGross profit at higher rates - defects in the books of accounts maintained by the assessee - discrepancies were found by the Assessing Officer on the basis of examination of books of account and on the basis of reply received in response to notice u/s. 133(6) of the Act. There is also no dispute to the fact that despite opportunities given by the Assessing Officer, the assessee was unable to satisfy the Assessing Officer regarding the various discrepancies pointed out by him - Held that:- action of the Assessing Officer as regards the rejection of the book result is upheld, adoption of 10% GP rate as against 10.19% held by the CIT(A), will meet the ends of justice, direct accordingly. The ground raised by the Revenue is dismissed and the ground raised by the assessee is partly allowed. Addition on account of gift being considered as unexplained cash credit though the donor has confirmed the transaction - accepting a gift as genuine the onus is always on the assessee to prove to the satisfaction of the Assessing Officer regarding the identity and creditworthiness of the donor and the genuineness of the transaction – Held that:- merit in the submission of the learned DR that the gift of Rs.1 lakh is against human probability, Supreme Court in the case of Sumati Dayal (1995 - TMI - 5469 - SUPREME Court) squarely applicable to the facts of the present case, no infirmity in the order of the CIT(A) in confirming the addition of Rs.1,00,000 made by the Assessing Officer u/s. 68 of the I.T. Act and the same is accordingly upheld. This ground by the assessee is, therefore, dismissed.
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