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2013 (11) TMI 58 - AT - Income TaxRejection of books of accounts maintained u/s 145 of the Income Tax Act - Assessee is in the business of buying minerals and selling the same after processing. There is shortfall in the GP rate during the year at 16.88% from 19.16% in the immediately preceding assessment year – Rejection of books of accounts – Held that:- Books of accounts of the assessee were regularly maintained in normal course of business, and audited by the Chartered Accountant. However, some disallowance on account of self-made vouchers with regard to some expenses claimed by the assessee was called for. Considering entire factual matrix of the case of the assessee, and the extent of expenditure claimed by the assessee, no trading addition in the GP rate is sustainable, and according, the same is deleted, and disallowance out of expenses is made at Rs.3,50,000/- (Three Lakhs Fifty Thousand Only), on account of self-made vouchers with regard to certain amount of expenses claimed by the assessee in trading results of the assessee – Decided in favor of Assessee.
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