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2015 (9) TMI 910 - AT - Income TaxSale of scrap - CIT(A) valuing the scrap at estimated market rate and confirming the addition of notional imaginary income - Held that:- With regard to valuation made by the chartered engineer,we are of the opinion that the FAA had correctly held that the certificate of the engineer was of no help as it was prepared after a long time of generation of scrap - FAA had correctly held that the certificate of the engineer was of no help as it was prepared after a long time of generation of scrap.We find that the FAA has considered all the relevant factors before deciding the issue and has rightly held that the sale of scrap shown by the assessee was on the lower side.Comparative analysis of the income generated and scrap sold and the figures of scrap lost/abandoned also prove that the stand of the FAA with regard to lesser generation of scrap during the year under appeal was justified.However,we are inclined to accept the alternate argument of the assessee. After considering the peculiar facts and circumstances of the case,we are of the opinion that to meet the end of justice the estimated addition should be restricted to ₹ 50,00,000/in place of ₹ 83,15,244/. - Decided partly in favour of assessee.
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