Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (8) TMI 512 - AT - Income TaxRejection of books of accounts - A.O. made addition on various grounds rejecting books of accounts - CIT deleted addition - Held that:- assessment order of 2005-06 & 2006-07 and from the assessment order under consideration find that the Assessing Officer has rejected the books of accounts by holding similar findings and has not brought out any defect in the books of accounts. The Assessing Officer has rejected the books of accounts and made addition on account of suppression of production on the basis of assumption only - There is discrepancy in the submissions of assessee regarding increase in prices of raw material and decrease in prices of finished goods. He did not point out any defect in the stock register or in the prices of raw material and finished goods as claimed by the assessee - Decided against Revenue. Disallowance of freight, octroi and cartage expenses - proper vouchers and bills not produced - Held that:- Assessing Officer has every right to look into the genuineness of expenses claimed by the assessee and in the absence of non production or inadequate documentary evidence in support of expenses claimed can disallow a part of expenses after recording finding of facts. He has every right to call for explanation and in view of non explanation he is empowered to make reasonable disallowance keeping in view the facts and circumstances of each case - Assessing Officer is directed to obtain the vouchers/bills of these expenses and ascertain the genuineness of the same and disallow amounts under these heads if any on a reasonable and authentic basis - Decided in favour of Revenue.
|