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2023 (6) TMI 803 - AT - Income TaxUndisclosed investment (Interest) - interest has been disallowed by the CIT(A) on the grounds that unaccounted interest was computed by the revenue authorities on assumption basis - HELD THAT:- On going through the entire contents, since no amount receivable could deciphered, we decline to interfere with the reasoned order of the ld. CIT(A) on this issue. Undisclosed Receipts - revenue authorities determined unaccounted profit on Meerut project and Jaipur project - sole basis for making the addition was the letter written by the marketing head after leaving the job from the assessee company wherein marketing head had sought the sales incentives @ 1% - HELD THAT:- As the revenue authorities have accepted the total amount of booking received of Rs. 31.97 Cr. till 2009 whereas as per the letter of Ex. Marketing Head, the sale figure has been considered as Rs. 60 Cr. for determination of profits. Similarly, the revenue has accepted the total booking of Rs.70.29 Cr. towards the sale whereas for determination of the profits, the projection as mentioned by Ex. Marketing Head of Rs. 279 Cr. has been considered. While considering the letter of Ex. Marketing Head for determination of sales to the tune of Rs. 279 Cr. and working out the profits/undisclosed income consequently, while doing so, the revenue has not even recorded the statement of Ex. Marketing Head and confronted the same to the Principle Officer of the company. Appeals of the revenue are dismissed.
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