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2016 (1) TMI 937 - AT - Income TaxAddition made by applying declared GP rate of 19.3% on the amount of stock - CIT(A) deleted the addition - Held that:- The assessee produced complete books of account before Assessing Officer in which no defects have been pointed out either in the cash book or sales or purchases. Therefore, book results could not have been rejected by the Assessing Officer. Thus, ld. CIT(Appeals) properly appreciating the facts and circumstances of the case, correctly deleted the addition in the matter. The apprehension of the ld. DR during the course of arguments had been that in case assessee would ask for loss to be carried forward of earlier year, then assessee would ask for the refund of the taxes already paid on additional surrendered income. However, the Managing Director of the assessee has filed affidavit to the effect that assessee would never ask for the refund of the taxes already paid on surrendered amount in future. It is also affirmed that no refund has been claimed by assessee on the same. Considering the totality of the facts and circumstances of the case in the light of affidavit of assessee's Managing Director placed on record, we do not find any infirmity in the order of the ld. CIT(Appeals) in deleting the addition. The departmental appeal thus, has no merit - Decided in favour of assessee.
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