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2012 (10) TMI 474 - AT - Income TaxAddition made on account of rejection of books – Held that:- As there is no allegation in order of lower authority about the correctness or completeness of books, sales recorded, method of accounting. Only allegation is that accounting standard has not been followed in valuation of inventories and sales are not amenable to verification. The valuation of stock has no negative impact on the overall result of this year as shown at cost. Decides in favour of assessee. Disallowance of bad debts claim u/s 36(1)(vii) – Assessee claims bad debts of advances made to parties for promoting the business since they are outstanding from long time – Held that:- As the purpose of advances is not ascertainable. Assessee failed to filed his past accounts and particular the account for the year in which the money was advanced has also not been furnished. Therefore contention that the amount was given for promoting business is not substantiated. Decision in favour of revenue.
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