Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (8) TMI 91 - ITAT INDOREAddition on unexplained investment - Disallowance of bogus purchases expenses - Held that:- With regard to the business undertaken by the assessee, it was canvassed by the assessee, during the course of assessment, that in addition to actual trading of grains, he was also issuing accommodation bill and for which purchases were also made through book entries. Accordingly, separate trading account with respect to the actual business vis-a-vis accommodation business was filed by the assessee which was not examined by AO did and made the addition on the basis of withdrawals shown in respect of the cheques issued for purchases in respect of accommodation business - remit the matter back to AO to examine both the separate trading accounts furnished by the assessee so as to find out the actual income earned in real trading vis-a-vis accommodation business - in favor of assessee for statistical purposes.
|