Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (3) TMI 371 - AT - Income TaxUnexplained profit on transactions outside the books of account - Held that:- The assessee did not produce even trading and profit and loss account etc. after being given various opportunities. Seized documents clearly show that sales and some expenditure was carried out which was not shown in books. The Assessing Officer was totally justified in estimating the profit. The profit is approximately 10% of undisclosed sales of Rs. 6,10,450/- and seems to be reasonable and accordingly we confirm the addition on account of estimated profit towards undisclosed sales. Unexplained investments - Held that:- As far as estimate for investment on such undisclosed sales is concerned, the assessee was already running a brick kiln and investments have already been made. No material was found to show the additional investments and accordingly the addition of Rs. 25,000/- on account of additional investments for conducting undisclosed sales is to be deleted.
|