Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (9) TMI 306 - AT - Income TaxAssessment of income - claim of the assessee that amount of cash found during survey has already been added to the income of his brohter - Held that:- The assessee has no objection if the said claim be verified. - The AO would pass the order afresh in this regard after giving an opportunity of being heard to the assessee. Accordingly, this issue is hereby decided in the favour of the assessee against the revenue. Addition of capital revenue not explained properly - CIT-A deleted 30% of capital revenue - Held that:- The only difference, between the opening and closing of capital account, was to be found of credit of ₹ 23,584/- CIT(A) has rightly sustained the addition of ₹ 23,584/- instead of ₹ 3,39,468/- Decided against the revenue. Assessment of profit - Sale of chemicals SBPS OR sale of Naptha - Held that:- In view of the said finding of the CIT(A) we noticed that CIT(A) has already directed the AO to verify the profit of ₹ 4.440/-per tanker from the business of SPBS which has been assessed to tax. The finding of the CIT(A) is on the basis of the record and relevant material was available with them. There is no need to discuss the same being the CIT(A) has already discussed the matter at length above.Verification is yet to be done by the AO. Nothing distinguishable has produced before us to deviate the finding of the CIT(A) on this issue. Therefore, we decided this issue in favor of the assessee.
|