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2018 (4) TMI 9 - AT - Income TaxRejection of books of accounts - G.P. estimation by applying GP rate at 17.5% - Held that:- Though there are disputes regarding the verifiability of the purchases made by the assessee even in the past years, however, when the issue of applying the GP rate has already been settled in the process of appeals and has attained the finality then the GP which has attained the finality or was accepted by the AO can be considered for the purpose of estimation of income of the assessee for the year under consideration. We direct the AO to compute the income of the assessee by taking the average GP of the past years of the assessee which is accepted and/or attained finality. Hence this issue is set aside for limited purpose of applying the average GP for computation of income of the assessee. Addition u/s 68 - Held that:- When the assessee has failed to discharge its onus of proving the genuineness of the transaction and even failed to produce the confirmation and PAN of the loan creditor, the addition made by the authorities below is justified as the record produced by the assessee also goes against the claim of the assessee. - Decided against assessee.
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