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2013 (12) TMI 253 - HC - Income TaxUnexplained credit entries - Held that:- The deposits as well as withdrawals of contract receipts have not been properly reflected in the books of accounts and as such no reliance can be placed on this bank account - The CIT(A) was fully justified in deleting the addition of Rs.1,98,298/- made by the A.O. - Decided against Revenue. Estimation of income - Rejection of books - Held that:- Account books once rejected, are ruled out of consideration and cannot be pressed into service whether by the assessee or the revenue - When account books are rejected, it would follow, as a necessary corrolary, that entries in the account books whether suspicious or not cannot be relied by the revenue or the assessee - The income has been estimated at 10% gross profit rate - Decided in favour of assessee.
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