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2016 (1) TMI 26 - AT - Income TaxG.P. addition - CIT(A) reducing the G.P from 30% to 15% - Held that:- CIT(A) and the A.O. have rightly rejected the books of account, because there were discrepancies in the books of account and the purchases were not found to be verifiable. We also in agreement with the ld. CIT(A) on the adoption of GP ratio of 15% as against 30% adopted by the A.O.in A.Y. 2006-07 and GP ratio of 28% as against 30% in A.Y. 2007-08 as against GP rate of 27.18% declared by the assessee based upon the working furnished by the assessee. Accordingly, we uphold the order of the ld. CIT(A) - Decided against revenue Disallowance of foreign export commission - CIT(A) deleted the addition - Held that:- The ld. CIT(A) has concluded that the assessee has engaged foreign commission agent i.e. Sinar Mandiri and has paid foreign export commission under the regulations of RBI through banking channel @ 12% on which copies of invoices were furnished during the appellate proceedings. In our considered opinion, the ld. CIT(A) is quite justified in deleting the disallowance made by the A.O. We find no reason to interfere with the order of the ld. CIT(A) and accordingly we uphold the same - Decided against revenue
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