Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2017 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (5) TMI 1405 - HC - Income TaxAddition made on account of sale of rice out of books - investment in stock out of undisclosed sources - Addition towards investment in stock of wheat purchased out of books - ITAT deleted the addition - Held that:- On perusal of the impugned judgment and order of the Tribunal reveals that the assessee has maintained the books of accounts in accordance with the prescribed standard as per Section 145 of 'the Act'. The account books have not been rejected by the assessing officer. In view of the above, the Tribunal formed an opinion where once the account books are expected to be maintained in the prescribed accounting standard, the assessing officer could not have made any additions towards the sale of rice treating it to be outside the books of accounts or towards investing in stock of rice and wheat outside the books of accounts. The controversy as raised above in this appeal stands duly covered by the Tribunal and it cannot be said that any investment was done beyond the books of accounts. - Decided in favour of assessee.
|