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2013 (4) TMI 227 - AT - Income TaxAddition being profit on sale out of the books of account - unexplained investment in purchase and sale - Held that:- The CIT(A) has made detailed discussion regarding the profit material of the assessee. CIT(A) called for the remand report from the A.O. and finally the A.O. found that on the basis of impounded material found during course of survey in the case of sister concern that the assessee has made purchases from it. On the basis of impounded material, the assessee herself has calculated unaccounted purchases on the basis of loose paper of Rs.8,94,405/- and the same working has been given by the assessee to the CIT(A) vide letter dated 31.03.2011. In the said letter maximum profit was also calculated which was Rs.62,608/- being 7% of profit rate. The finding of CIT(A) is based on loose paper found at the time of survey in the premises sister concern and on the basis of these documents and statement of the concerned parties in the impounded document, it was clearly mentioned the name of the assessee. Before us, the assessee relied upon various decisions which does not help to the assessee as those decisions were made on the basis of facts of respective cases. The assessee has failed to discharge the burden by furnishing necessary financial statement, books of account and other material to support that the Books of accounts maintained by the assessee was perfect and there was no mistake in maintaining books of account. The assessee has also failed to furnish any supporting evidence regarding purchase and sales - appeal filed by the assessee is dismissed.
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