Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (2) TMI 273 - AT - Income TaxRejection of books of accounts - N.P. determination - Addition u/s.69 - sundry creditors in spite of the facts that assessee could not establish the aforesaid credits - Held that:- CIT(Appeals) reduced the estimate of assessee’s income as made by the AO by applying the net profit rate of 25% as against the net profit rate of 30% adopted by the AO, the action of the Assessing Officer in rejecting the books of account of the assessee was upheld by him. After estimating the business income of the assessee at a substantially higher figure, AO proceeded further to make various other additions on the basis of books of account of the assessee, which were rejected by him. As decided in BANWARI LAL BANSHIDHAR and INDWELL CONSTRUCTIONS VERSUS COMMISSIONER OF INCOME-TAX [1998 (3) TMI 121 - ANDHRA PRADESH HIGH COURT] the additions made by the Assessing Officer on the basis of rejected books of account over and above the business income estimated by him by applying a net profit rate were not sustainable and the CIT(Appeals) was fully justified in deleting the same. In that view of the matter, we uphold the impugned order of the ld. CIT(Appeals) and dismiss this appeal of the Revenue.
|