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2011 (7) TMI 768 - AT - Income TaxAddition - Rejection of book of accounts - Suppression of gross profit - assessee, even as observed by the ld. CIT(A), did not produce even a single bill for the purchase of mutton, and its claim of the same being for the reason of it being from non-registered dealers was also found unacceptable by him as mutton is not taxable under the Kerala VAT - Besides, the purchases were settled in cash, and no quantitative details in its respect could be furnished. The suppression in sales is also admitted Regarding estimation - The mistake in reckoning the difference obtaining in trading profit with reference to the comparable case and, by implication, the extent of suppression therein by the assessee, by the AO, is patent, in-as-much as the basis for arriving at the two G.P. rates, i.e., by the assessee and the comparable case, is clearly different - Held that: the AO has also found omission in the recording of sales for the AC segment of the restaurant; so, however, he did not pursue the matter further, so that there is no material on record toward estimating the same, i.e., the actual turnover Regarding addition u/s 68 - It is thus imperative that the matter is factually determined; two of the three credits comprising the impugned credit of Rs.22 lakhs being only by way of cheque proceeds, so that their antecedents could be easily ascertained, with the third being stated to be an adjunct to one of them, and on a firm and definite basis - It is thus imperative that the matter is factually determined; two of the three credits comprising the impugned credit of Rs.22 lakhs being only by way of cheque proceeds, so that their antecedents could be easily ascertained, with the third being stated to be an adjunct to one of them, and on a firm and definite basis - Decided in favor of the assessee by way of remands
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