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2018 (3) TMI 131 - AT - Income TaxUndisclosed contract receipts - Held that:- CIT(A) has analyzed the relevant record and found that the claim of the assessee is not correct as all these expenses on account of direct purchase and sales tax deduction and interest have already been taken under consideration while preparing the profit and loss account. Once the claim of the assessee that the difference is on account of books adjustment entry is found to be wrong and contrary of the facts then the addition made by the AO of the differential amount is proper and justified. It is further noted that when the assessee has booked all the corresponding expenses in the books of accounts then, even the contention of the assessee that only net profit of these contract receipt can be added to the income of the assessee is not acceptable. - Decided against assessee.
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