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2016 (7) TMI 1583 - AT - Income TaxRejection of books of accounts - net accretion method adopted by the AO for determining the total income - HELD THAT:- In the present case also, the Ld. CIT (A) following its earlier finding in the case of Shri. Hitesh S. Mehta for A.Y. [2013 (12) TMI 244 - ITAT MUMBAI] on the same issue, has rejected the books of account produced by the assessee. Since the identical issue has already been decided by the coordinate Bench, we respectfully following the finding of the coordinate bench direct the Ld. CIT(A) to compute the income of the assessee as per books of accounts. Ground no. 3 is accordingly allowed for statistical purpose. Determination of the total income by considering net accretion to various assets - HELD THAT:- Since, we have directed the Ld. CIT(A) to compute the taxable income as per books of account of the assessee, we delete the additions contested. Undisclosed investment - HELD THAT:- As we have directed the Ld CIT(A) to determine income on the basis of books of account. Since the AO has determined certain investments as “undisclosed investments” on the basis of material collected by him and since they were not compared with the books of accounts and the assessee was not provided with the opportunity to explain her case, we set aside this issue to the file of Ld. CIT(A) with the direction to cause compare the alleged undisclosed investments with the books of account. CIT (A) may get a remand report from AO in this regard. If any investment is found not recorded in the books of account, to seek explanation from the assessee and take appropriate decision after providing adequate opportunity to the assessee. Disallowance of deduction on account of interest expenditure - HELD THAT:- Following the decision of Co-ordinate Bench we restore this ground of appeal back to the file of the AO with the direction to follow the direction of the Tribunal passed in SHRI HITESH S. MEHTA, [2013 (11) TMI 1650 - ITAT MUMBAI]
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