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2015 (12) TMI 555 - AT - Income TaxRejection of books of account - non-maintenance of stock register - G.P. addition - Held that:- As far as the gross profit addition in respect of M/s. S.R. Presstress Industries, Mantri Industries and M/s. Mantri Pole Udyog are concerned, the assessee maintained proper books of account duly supported by the audit report in form 3 CD. The mistakes pointed out by the AO for rejecting the books of account are untenable inasmuch as assessee's taxable profits can be ascertained on the basis of documents and records furnished by the assessee. In view thereof, see no justification in rejecting the books of account and estimation of gross profit. Consequently books are upheld, addition in this behalf is deleted. Disallowance of miscellaneous expenses, it is observed that the expenditure is incurred wholly and exclusively for the purpose of business. Merely because some expenditure is claimed on the basis of self made vouchers cannot make the expenditure disallowable. - Decided in favour of assessee.
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