Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2019 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (7) TMI 670 - HC - Income TaxUnexplained investments - Tribunal held that the disallowance to the extent of inflated expenses will adequately cover the unexplained peak amount of investment made in the bogus purchase and no separate addition required - HELD THAT:- Tribunal has followed the dictum as laid in the decision of this Court in the case of VIJAY PROTEINS LTD. VERSUS CIT [2015 (1) TMI 828 - GUJARAT HIGH COURT] . In our opinion, the Tribunal committed no error in applying the dictum as laid in Vijay Proteins Ltd. (supra) in the facts of the present case. Addition on account of under valuation of stock - Tribunal deleted addition - HELD THAT:- Tribunal held that CIT(A) has analysed the submissions of the assessee as well as findings of the AO and after arrived at a fair reasonable valuation of closing stock, hence the findings of the CIT(A) in reducing the closing stock to ₹ 5,61,588/- from ₹ 27,66,485A is therefore upheld. Addition on account of motor case expenses and depreciation - Tribunal deleted addition - HELD THAT:- Tribunal took the view that the CIT(A) correctly deleted the said addition. In such circumstances, the Tribunal thought fit not to interfere. No error not to speak of any error of law could be said to have been committed by the Tribunal in passing the impugned order. None of the questions proposed by the Revenue could be termed as the substantial questions of law involved in the present Tax Appeal.
|