Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (5) TMI 1632 - AT - Income TaxG.P. estimation - assessment u/s 153A - rejection of books of accounts - Held that:- As decided in assessee's own case once GP rate is estimated, it is of the view that is not only the GP rate of the immediately preceding year but the average rate of at least 3 to 5 years must be looked into. If we go the average of the preceding 3 years of the five years must be looked into. If we go the average of the preceding 3 years of the five years, we find that the GP rate shown by the assessee is on the higher side. We, therefore, set aside the order of the CIT(A) and delete the addition. Undisclosed purchases from Rourkela Steel Plants - Held that:- We find that the document on the basis of which the additions were made in the hands of the assessee do not belong to the assessee as the document itself states that they belong to Shree Gopal Engineering & Chemical Works (P) Ltd. and moreover, the assessee during appellate proceedings had sworn through affidavit that this document do not belong to it and had duly made submissions to learned CIT(A). In view of the above, ground decided in favour of the assessee.
|