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2016 (10) TMI 222 - AT - Income TaxAddition on account of unaccounted Stock - Held that:- Since the propositions canvassed by Ld AR is supported by the fact that stock register was maintained by the assessee up to 12.03.2010 when the search was conducted on 17.03.2010. The Assessing Officer ought to make the reconciliation for 5 days transactions to work out the discrepancies. He further submitted that addition can not be made merely based on the statement of the assessee.Therefore, in view of the factual aspects discussed above, we are of the view that the addition made by the Assessing officer on account of unaccounted stock ₹ 5,63,608/- was purely a guess work and should be deleted. Accordingly, we direct the Ld. CIT(A) to delete the addition. Income from playing truck is business income or presumptive income U/s 44AE - Held that:- We are of the view that there is merit in the submissions of the Ld. AR for the assessee, as the propositions convassed by him are supported by the facts cited above. The Assessee keeps one truck for his business purpose and in rare cases it was rented by the assessee to outsiders. It is not the business of the assessee to keep the truck for plying. The Ld. AR argued that the truck wasgiven for hiring when it was free and the income from so hiring should be treated as business income based on materiality concept. In view of the factual aspects discussed above, we are of the view that the assessee under consideration has one truck only and the same was being used for purpose of business, hence depreciation should be allowed to the assessee and income may be assessed under the head income from business. - Decided in favour of assessee
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