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2018 (12) TMI 1909 - AT - Income TaxRejection of books of account - estimation of profit - AO rejected books of account on the basis of lower gross profit rates - HELD THAT:- As decided in own case [2018 (9) TMI 145 - ITAT LUCKNOW] neither the Assessing Officer nor the ld. CIT(A) has conducted any independent enquiry regarding the same and just on the basis of guess work has observed that assessee is not bringing out full particulars. Even the judicial pronouncements are clear on the facts that in the nature of trade as like assessee, cash memos for day-to-day sales are not required and that a consolidated entry in the cash book along with relevant documents of purchase of liquor are sufficient to prove the genuineness. In this view of the matter, we hold that the ld. CIT(A) was not justified in confirming the rejection of the books of account and adopting the G.P. rate on the higher side - Decided in favour of assessee. Addition u/s 68 - Deposit by one of the members of the assessee AOP - one new member had introduced capital in cash - CIT(A) upheld the addition by holding that PAN, address and assessment particulars were not furnished before the Assessing Officer - HELD THAT:- As we find that copy of confirmation of account along with the copy of ITRs from assessment year 2008-09 to assessment year 2013-14 are placed. CIT(A) was not justified in confirming the addition made by the Assessing Officer. Accordingly, the addition made by the Assessing Officer and confirmed by the learned CIT(A) is deleted. - Decided in favour of assessee.
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