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2018 (4) TMI 123 - AT - Income TaxG.P. Addition - rejection of books of accounts - Held that:- The past history of GP rate declared by the assessee is a proper guide for estimation of income. We further note that it is settled proposition that the rejection of books of accounts would not ipso facto lead to addition if the, GP declared by the assessee for the year under consideration is in the line with the past history of the assessee or more than the GP declared in the earlier years. Thus, the rejection of books of accounts need not necessarily result in an addition to the income of the assessee. Accordingly, we set aside the orders of the authorities below and delete the addition confirmed by the ld. CIT(A) when the GP declared by the assessee for the year under consideration is more than the GP for the earlier assessment which was accepted by this Tribunal. - Decided in favour of assessee
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