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2014 (5) TMI 269 - AT - Income TaxBooks of accounts not maintained in the business premises – Addition made on the basis of estimation – Assessee contended that the accounts are maintained at head office - Held that:- No specific defect has been pointed out by the AO in respect of the books of accounts - CIT(A) has confirmed the addition on the basis that cash found in the possession of the employees of the assessee-firm as on 24/10/2008, clearly shows that the daily turnover was at Rs.17,51,000/- and has taken as commission income @ Rs.175/- per lacs - the finding of the CIT(A) is purely based on conjectures and surmises - The Revenue has not placed any material on record that the assessee was having at least daily turnover of Rs.17,51,000 - Merely finding on a single day cannot be made applicable for the entire month or throughout the year - There is always possibility of lesser and higher amount - Since no specific defect is pointed out in the books of accounts of the assessee, thus, the AO is directed to set aside the addition made on the basis of estimation – Decided in favour of Assessee.
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