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2017 (1) TMI 1610 - AT - Income TaxRejection of books of accounts - Estimation of income - The assessee stated that the bills and vouchers are not available for production. Considering this, the AO observed that in absence of bills and vouchers, correctness and genuineness of expenses is not verifiable. - CIT(A) estimated the income @5% - Held that:- Considering the past accepted results of the assessee, I am of the considered view that estimation of income of the assessee by applying the net profit rate of 4% will meet the ends of justice. I, therefore, modify the order of the CIT(A) accordingly and partly allow the ground of the appeal of the assessee. - Decided partly in favor of assessee.
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