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2022 (9) TMI 185 - AT - Income TaxRevision u/s 263 - overstatement of purchases made by the assessee - HELD THAT:- Books of account of the assessee are audited and necessary details have been furnished showing the tax audit report and the schedules annexed thereto. Assessee has incurred transportation charges paid to various transporters namely K.F. Farm Pvt. Ltd., Punjab Bengalore Carriers, U.P. Calcutta Goods Carrier and the Nurmahal Public Cariers Operator Union. The assessee is consistently showing the purchases in the trading account after including transportation charges in the purchase cost. As per the purchase register the total purchase is at Rs. 1,86,63,585/-, but after including the transportation charges i.e. carriage inward of Rs. 9,12,800/- and reducing the insurance chatai of Rs. 6,600/- which are already included in the purchase bills, the figure of total purchase will arrive at Rs. 1,95,69,785/- which matches with the figure of purchases shown in the audited trading account for the financial year 2012-13 at Rs. 1,95,69,785/-. Under these given facts and circumstances, as on reconciliation of the purchase figure as discussed above, there remains no case of over statement of purchases. Appeal of assessee allowed.
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