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2018 (2) TMI 1641 - AT - Income TaxRejection of books of accounts - N.P. estimation - Held that:- There is not even a single specific instance quoted in assessee’s books indicating the stated irregularities. We afforded ample opportunities to DR to refer to any findings on record which could indicate that the same suffered from all the said specific shortcomings. There is no such material referred before us in support of assessment findings. It thus turns out to be a case wherein learned Assessing Officer proceeded to reject assessee’s books of accounts without even dealing with all the specified parameters disclosed therein. We further find in page no.7 of the CIT(A)’s order that the assessee’s net profit rate is @ 2.82% as against 1.43% and 2.0% in assessment year 2007-08 and 2008-09; respectively. As held in CIT Vs. Vikram Plastic & Ors [1998 (8) TMI 43 - GUJARAT High Court] that section 145 is not to be invoked for rejecting an assessee’s books in absence of any material brought on record to establish that relevant purchases or expenses were inflated or sales suppressed or that the tax payer concerned had not followed the regular method of accounting. It has further come on record that the CIT(A) has still upheld the impugned addition on merits to a lump-sum figure of ₹ 5,00,000/- despite upholding assessee’s books of accounts. No reason to interfere with the learned CIT(A)’s above extracted findings granting part relief to the assessee.
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