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2018 (2) TMI 269 - AT - Income TaxRejection of books of accounts - N.P. rate determination - Held that:- Assessee did not produce bills and vouchers in support of the books of account, therefore, same was rejected under section 145(3) of the I.T. Act which is also not in challenge before the Tribunal. Further, the assessee has made statement before A.O. that instead of proposed NP rate of 5%, NP rate of 2.50% may be applied for making the addition. It is well settled Law that addition made on admission of the assessee would not be subject to challenge in appeal. Since assessee agreed for addition by applying net profit rate of 2.50% as is applied in the case of her husband, therefore, there is nothing wrong in the orders of the authorities below in making and confirming the addition. Ground of appeal of assessee is dismissed. Unexplained deposit in the bank account - Addition on account of FDRs and interest on the said FDRs - Held that:- Detailed information should have been obtained from the Bank as to who has opened this Bank Account with all the documents and all the documents should be confronted to the assessee. The statement of the Bank Manager should be recorded for verification of the facts along with KYC details available with the Bank. Similarly, as regards FDRs, the assessee explained that there may be a wrong information mentioning the name of Shri Ranjit Kumar Proprietor of M/s. Computer Junction because FDRs have been purchased out of cash available in the books of account of the assessee. The assessee obtained FDRs of ₹ 70 lakhs which includes ₹ 12.50 lakhs, which has also shown in the books of account of the assessee. Therefore, this fact should be verified from the cash book maintained by the assessee. In view of these facts, the matter requires reconsideration at the level of the A.O.
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