Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (4) TMI 659 - AT - Income TaxN.P. rate determination - rejection of books of accounts - Held that:- In the absence of any basis to arrive at the conclusion of 8.5% of NP rate instead of 5.92%, we deem it appropriate to restrict the NP rate of 6% subject to depreciation and interest paid to third party. Since the assessee has failed to produce the stock register and other documents for the purpose of qualitative verification, it was not possible for the authorities below to verify the books of account. Therefore, the AO was left with no other option but to reject the books of account. We are in agreement with the authorities below for rejecting the books of account. The judgments relied upon by the ld. Counsel for the assessee are not applicable to the facts and circumstances of the case and the judgments relied upon by the AO while passing the assessment order are squarely applicable to the facts and circumstances of the case. Hence, the appeal of the assessee is partly allowed to that extent. - Decided in favour of assessee in part
|