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2012 (3) TMI 32 - AT - Income TaxSurvey - Difference on valuation of Inventory - Unrecorded Sales - Books of Account Rejected - CIT(A) scaling down the addition from Rs.937123/- to Rs.298812, Held That:- CIT(A) has given the above findings after properly analyzing the facts of this case and has passed a well reasoned speaking order. Nothing substantial was argued by either party to deviate us from the view taken by the learned CIT(A). Allegation of bogus purchase - non production of documents - held that:- it is an undisputed fact that the lift was installed and put to use with the approval of Chief Inspector of Lifts and Elevators through license dated 15.2.2006. For allowability of any expenditure in a particular year of assessment bill of purchase is an important piece of evidence which could not be produced by the assessee. - since the assessee’s income has been arrived at by applying the net profit rate on sales, no separate addition was called for.
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