Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (8) TMI 453 - ITAT KOLKATAAddition of unexplained expenditure - Held that:- The finding of the CIT-A examined the profit and loss account and schedules annexed thereto, wherein he agreed with the contention of the assessee that an amount of ₹ 1,94,03,13,928/- includes the value of crude oil and other related items such as chemicals and hydrogen gas and found the same in schedule –P which was annexed to the profit and loss account. In this regard we may refer to chart of particulars as reflecting in the page no-4 of CIT-A where it shows the raw material as per Schedule-P and raw material as per notes on accounts wherein we found that an amounts ₹ 2,17,81,926/- and 82,80,116/- to be purchase values of chemicals and Hydrogen gas respectively totaling to 3,32,75,131/- and regarding MODVAT, which can be availed towards payment of excise duty on finished goods and it is pertinent to state that the balance will be entered directly to the balance sheet as per the procedure prescribed by the Institute of Chartered Accountants of India.
|