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2013 (8) TMI 698 - AT - Income TaxAdmission of additional evidence u/s 46A - CIT rejected additional evidence - Held that:- The reliance placed by the the assessee on the ratio laid down by the Hon'ble Punjab & Haryana High Court in CIT V Mukta Metal Works (2011 (2) TMI 250 - PUNJAB AND HARYANA HIGH COURT) is misplaced in view of the facts being at variance. In the facts of the case before the Hon'ble High Court, the additional evidence was in the form of the report of Forensic Science Laboratory and an affidavit dated 27.12.2004 of the searched person. However, in the facts of the present case, additional evidence is by way of books of account being re-written including certain entries relating to sundry creditors, closing stock and even VAT in the provisional balance sheet, which as per the assessee were prepared on the basis of the books of account now written and permission for producing the same was sought from CIT(Appeals) as additional evidence under Rule 46A of IT Rules. - Decided against the assessee. Addition u/s 68 - difference in the account of parties and further addition made by rejecting the books of account and also disallowance of expenses. - Held that:- The AO during the course of assessment proceedings noted that there was a difference in the balance shown in the account of M/s Diwan Steel Industries of Rs.699,980/- and of M/s Regent Steel Industries of Rs.30 lacs, when compared with the copy of account of the assessee in the books of account of the respective parties. The assessee having failed to reconcile the difference except by way of additional evidence, which has not been admitted by us in the paras herein above, the addition made by the AO merits to be upheld in the hands of the assessee. Rejection of books of accounts - application of net profit rate of the earlier year - Held that:- The assessee had failed to produce the books of account before the authorities below and the revised books of account produced by way of additional evidence have been rejected by CIT(Appeals) - there was no alternative left but to estimate the trading income in the hands of the assessee and application of net profit rate to the sales receipts shown by the assessee - Decided against the assessee.
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