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2017 (6) TMI 18 - AT - Income TaxEstimation of profit in respect of IMFL business carried by the assessee - Held that:- The coordinate bench of the Tribunal in the case of Tangudu Jogisetty (2016 (7) TMI 379 - ITAT VISAKHAPATNAM) has considered the profit level in the line of business and decided that 5% of purchase price is reasonable profit margin in the line of IMFL business and directed the A.O. to re-compute the profit of the assessee. In view of the above we direct the A.O. to re-compute the income of the assessee at 5% of purchase price. Accordingly, this ground of appeal raised by the assessee is allowed. Addition of unsecured loans - Held that:- On appeal before the CIT(A), no details were filed. Even before the Tribunal also, the assessee is not able to explain the genuineness of the transactions and also not filed any evidence in respect of the above impugned unexplained cash credits, therefore, find no infirmity in the order of the ld. CIT(A). Thus, this ground of appeal raised by the assessee is dismissed.
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