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2017 (8) TMI 449 - AT - Income TaxEstimation of profit in respect of IMFL business - 10% OR 5% - 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. Thus 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 cash credits - proper evidence to substantiate the claim - Held that:- Assessee has not filed any details with regard to creditworthiness of the parties. Even before the tribunal, the assessee is not filed any details in respect of creditworthiness of the creditors. Therefore, find no reason to interfere with the order of the ld.CIT(A). Thus, this ground of appeal raised by the assessee is dismissed. - Decided against assessee.
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