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2017 (7) TMI 99 - AT - Income TaxSale of tractors - cash advances received towards purchase of tractors - Held that:- All the three purchasers of the tractors made deposits with the assessee for purchase of tractors which have been ultimately delivery to them against the sale bill and their names have been recorded in the registration certificate. The ld. CIT(Appeals) was, therefore, not justified in holding that tractors have not been supplied to these persons. There is no law to prohibit making cash sale. It is for the businessman to judge as to how he has to make the sales. Since tractors have been sold and supported by all the documents as well as registration certificates in the names of purchasers, it is difficult to believe that these were the ordinary cash credits/deposits with the assessee. The authorities below were, therefore, wholly unjustified in making the addition on this issue. - Decided in favour of assessee. Unexplained credit in the name of Shopneal, daughter of the assessee - Held that:- Assessee failed to establish credit worthiness of the creditor and genuineness of the transaction in the matter. The addition was rightly made by the authorities below. This ground of appeal of the assessee is dismissed. Low household withdrawal - Held that:- Household withdrawals shown by assessee in assessment year 2011 12 are on very lower side and assessee has not disclosed complete details of his household expenditure. Therefore, estimated addition is wholly justified. This ground of appeal of the assessee is dismissed.
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