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2012 (11) TMI 804 - AT - Income TaxRejection of books AO found discrepancies in gross receipts, non-payment of term loans and interest thereon, non-availability of inwards and outward register - Held that:- As concluding from the facts of the case assessee has not maintained books of account and other relevant documents, as are required under the Act. He has admitted that no in-ward or out-ward Stock Registers have been maintained for the storage. Therefore, no correct and true profits can be ascertained in absence of stock register. In favour of revenue Revenue on adhoc basis - 90% of net sanctioned capacity Assessee earn income from hire charges of cold-storage - Cold Storage capacity being 3382.8 MT - AO, calculated the storage capacity of cold-storage at 67656 bags of 50kg each Calculate revenue @ Rs. 40 per bag Assessee contended that capacity utilization for such a plant was 34000 to 36000 bags, for which a storage rate of Rs.30/- to Rs.40/- per bag was received Held that:- As concluding from the facts of the case it would be fair and reasonable to upheld the addition to the tune of Rs. 4,00,000/-, with a view to meet the ends of justice. Issue partly allowed in favour of assessee
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