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2017 (6) TMI 15 - AT - Income TaxRejection of books of accounts u/s 145(3) - ad hoc estimate of ₹ 1 crore in trading result as the gross profit rate during the year has declined in comparison to the earlier year - Held that:- assessee has given very elaborate rebuttal of Assessing Officer’s observations and reasoning in its detailed explanation as to why the books of accounts cannot be rejected, relevant portion of assessee’s contention has already reproduced above. Based on entire material on record and assessee’s explanation, the Learned CIT (Appeals) has accepted the assessee’s contention and held that there is no a valid reason or material to reject the books of account and disturb the trading account. Apart from that, we find that the Tribunal in assessee’s own case for the A.Y. 2009-10 on similar set of facts has deleted the said ad hoc addition in trading account and also set aside the AO’s similar reasoning for rejection of books of accounts. No distinguishing features have been pointed out by the ld. DR before us. Therefore addition deleted - Decided in favour of assessee Delayed payment of Employees contribution to EPF/VPF - Held that:- As the payments have been made much before the due date filing of return of income, then we do not find any reason for making any disallowance as the same is covered by the decision of Hon'ble Supreme Court in the case of CIT vs. Alom Extrusions Ltd. (2009 (11) TMI 27 - SUPREME COURT ). Thus, the second ground as raised by the Revenue is dismissed.
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