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2019 (5) TMI 426 - AT - Income TaxEstimation of income - rejection of books of accounts - estimation of income at 5% - HELD THAT:- As relying on SRI VENKATESWARA WINES VERSUS THE INCOME TAX OFFICER, WARD 10 (4) , HYDERABAD. [2015 (11) TMI 1746 - ITAT HYDERABAD] direct the AO to adopt 3% of the cost of goods of liquor sold as the income of the assessee. Accordingly, the grounds raised on this issue are allowed. Addition of interest from bank deposit - AO made this addition under the head income from other sources - AR has submitted that interest income earned are out of deposits, which are made only for the purpose of business - HELD THAT:- We remit this issue back to the AO to verify the interest income. If it is earned out of free deposits, the additional income may be sustained. Addition u/s 68 - petition for admission of the additional evidences - HELD THAT:- We admit the additional evidences (supra) submitted by the assessee, as the same are important evidences to decide the issue. Since the additional evidences submitted before the ITAT for the first time, the revenue authorities had no occasion to consider the same. Remit the issue back to the file of the AO with a direction to consider and verify the additional evidences submitted by the assessee and decide the issue in accordance with law after providing an opportunity of being heard to the assessee in the matter. Thus, this ground is allowed for statistical purposes.
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