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2012 (10) TMI 51 - AT - Income TaxAddition on account of shortage in closing stock – AO made addition on basis of transfer of stock from godown & plant - Held that:- As concluding from the fact of the case the final discrepancies remaining are too negligible, considering the huge volume of purchases of soyabean as well wheat seeds. Therefore issue decides in favour of assessee Disallowance of claim of depreciation on purchase of car on last day of FY – Held that:- As no fuel at all was purchased for running of such vehicle nor any other expenses for running of the vehicle were incurred before 31.03.YY. No evidences to establish the user of such vehicle for the purpose of business. Mere payment for purchase & register with RTO alone cannot be sufficient to establish the fact that vehicle was actually used for the purposes of business. Appeal decides in favour of revenue Rejection of books of accounts – AO applying GP rate @ 15% - Assessee was trading in foodgrains - Assessee had shown GP of 6.95% as compared to gross profit of 1.95 % and 6.47 % shown in the earlier AYs – Seeds are purchased at price which is above the market prices in form of bonus to farmers – Held that:- As the components of bonus paid was not clearly bifurcated and defects in the books of accounts with regards to cash credit, creditors, shortage etc. such GP ration is justified.
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