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2023 (2) TMI 112 - AT - Income TaxEstimation of income - Suppression of sales - suppression of sales to sister concern determined by the AO - HELD THAT:- As in view of lack of appropriate explanation submitted by the assessee justifying the incurrence of loss of 26.6% in the month of March on sales to its sister concern as against average profit of 1.85% in earlier period, the AO was justified in estimating the average profit at 1.48% taking into consideration the profit declared in the earlier period and determining the suppressed sales to sister concern which has been brought to tax. Even during the appellate proceedings before the CIT(A), assessee didn't furnish any explanation supported by appropriate documentation to rebut the findings of the AO. No justifiable basis to interfere with the findings of the Ld. CIT(A) and the same is herby confirmed. Appeal of the assessee is dismissed.
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