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2018 (9) TMI 871 - AT - Income TaxRejection of books of accounts - G.P. estimation - onus as casted on the assessee to substantiate the claim - Held that:- GP estimation of 15% as made by Ld. AO was slightly on the higher side and therefore we propose a net addition of 0.5% on sales turnover of ₹ 46.29 crores to take care of stock discrepancies, stock-loss and high labor charges. At the same time, the disallowance of commission expenses of ₹ 14.76 Lacs as estimated by Ld. AO, in our opinion, was fair in the circumstances and therefore, the stand of Ld. CIT(A), in this regard, stand reversed. Lastly, the stand of Ld. CIT(A) in estimating the disallowance of 25% against foreign travelling expenses was just and fair under the circumstances and therefore, the same do not require any interference on our part.
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