Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2012 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (10) TMI 613 - HC - Income TaxAddition made on account of difference in Gross Profit - unexplained investment - ITAT deleted the addition - Held that:- The assessee offered an explanation that some of the sarees in the stock had gone out of fashion and that discounts were given to the customers at about 10-15%. The Tribunal accepted the explanation and reduced the gross profit rate from 16.87%, which the A.O. had worked out after rejecting the account at 15.7%. The addition on account of dis-allowance of the salary was maintained. Thus the questions raised by the revenue are essentially questions of fact based on the discretion of the income tax authorities and the Tribunal after books of accounts are rejected and best judgment assessment is resorted for framing the assessment. No substantial questions of law to be decided by the Court - against revenue.
|