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2015 (1) TMI 615 - HC - Income TaxUnaccounted income - comparison of assessee with other two concerns connected with the assessee company - rejection of books of accounts - Assessee company is engaged in the business of grey cloth manufacturing and also selling dyed and printed cloth after processing in other dyeing houses on job work basis - ITAT deleted the addition - Held that:- Tribunal has rightly held that the books of account, which were sought to be rejected only on the ground of excessive fuel charges, were not according to law and the Tribunal has held that the books of account of the assessee were wrongly rejected and in that view of the matter, the question of Gross Profit will not arise, in our view, while considering the case of other sister concerns or units, the Tribunal has rightly analysed the facts and figures and has rightly held in favour of the assessee. We are in agreement with the same and accordingly we answer the question of law holding that in the facts on record, the Tribunal has rightly deleted the entire addition of ₹ 3,23,01,330/- made on account of unaccounted income generated by the assessee. - Decided in favour of assessee.
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