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2013 (9) TMI 410 - AT - Income TaxUnexplained income - Suppressed sale of oil recovered from the two ships - undisclosed sale of various scrap items. - Held that:- While passing the order AO had not considered the details of oil sold, as pointed out by the FAA. Page no.1 of annexure-2 of the assessment order speaks about the item sold by the assessee company - AO has mentioned the sale of oil sold (in barrel),but in the narration he has mentioned furniture in place of furnace oil. - FAA has verified the sale bills along with the details of purchasers and quantity of oil sold - No additions - Decided in favour of assessee Suppressed sales of 4 Anchors - Held that:- assessee had not challenged the ownership of anchors - anchors would have some realisable value. No ship will take a risk of not having a proper anchor, till it is dismatanled - FAA was very fair in his approach while deciding the appeal filed by the assessee. He has granted partial relief to the assessee and confirmed the addition that appears to be reasonable - Decided against assessee.
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