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2017 (6) TMI 20 - 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 investment - Held that:- The assessee has not given any explanation and also not filed any details before the Assessing Officer, therefore, the Assessing Officer has treated the impugned amount as unexplained income and the same is added to the total income of the assessee. On appeal, ld. CIT(A) confirmed the order of the Assessing Officer. Now, the assessee filed a petition for admission of additional evidence, wherein he stated that he is pursuing to gather the information. He has not specifically mentioned that what is pursuing to gather the information. Find that the explanation given by the assessee is a vague and the request made by the assessee cannot be accepted. Thus, this petition filed by the assessee for admission of additional evidence is rejected. So far as merits of the case is concerned, the assessee except stating that his wife has given a gift to the tune of ₹ 4,01,079/-, no other material has placed before me. Therefore, find no infirmity in the order passed by the ld. CIT(A). Thus, this ground of appeal raised by the assessee is dismissed.
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