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2014 (5) TMI 702 - HC - Income TaxRejection of books of accounts – Inflation of price - Held that:- The findings of fact recorded by the authorities below did not call for any interference as they were based on appreciation of evidence on record - The assessee has milled almost equal paddy in comparison to previous year, sales have increased by 29% but manufacturing expenses have increased by 45.93% - the increase in the figures of sales is partly due to opening stock at ₹ 92,94,527/- for which no manufacturing expenses have been incurred as there is no paddy in the opening stock - Had there been no sales out of opening stock, the increase in sales would have been even lower - It shows that either the assessee has inflated the expenses or depressed the sales - The cases relied upon by the assessee cannot be followed as they were based on individual fact situation involved and the Court in view of the findings of fact – no substantial question of law arises for consideration – Decided against assessee.
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