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2016 (6) TMI 101 - AT - Income TaxRejection of books of accounts - estimation of income - Held that:- In earlier years, Assessing Officer have accepted the books of account and disallowed certain portion of expenditures upto assessment year 2008- 09. Therefore, there is no problem in accepting the opening figures etc. in the later years. But assessee has accepted rejection of books of account, similarly audited, in the immediately preceding year, whose entries are carried over to this year, like certain work in progress, etc. Once books of account in that year was rejected, consequently on same reasons this year also, books are to be rejected as the same cannot be relied on. Assessee cannot approbate and reprobate on the same facts situation. The estimation can be done at 12.5% and thereafter depreciation and interest can be allowed depending on facts or the net profit can be estimated at 8% on the works undertaken. On sub-contract works, it is generally at 5% which was not disputed in many cases.As already stated, Assessing Officer has estimated the incomes at the same rate not only generally accepted in various cases relied on, but also in the immediately preceding year which assessee has accepted. Keeping these in mind, we do not find any reason to differ from the order of Ld. CIT(A), which is in tune with the various orders of this forum. - Decided against assessee
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