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2017 (6) TMI 19 - 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. Unexplained unsecured loans - Held that:- The assessee carried the matter in appeal before the ld. CIT(A) and no evidence was filed to substantiate the claim of the assessee. Even before the Tribunal also, the assessee is not able to file any evidence in respect of the above unsecured the loans. Thus, this ground of appeal raised by the assessee is dismissed.
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