Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (6) TMI 1033 - ITAT HYDERABADUnexplained expenditure u/s 69C - Difference in net taxable income declared and as per TRACES form 26AS TCS - assessee disclosed only an amount on account of purchase of beedi leaves in the profit and loss account, AO called for the reasons for difference - HELD THAT:- On a calculation of the CGST and SGST at 9% each on the net purchase amount as pleaded by the assessee it is found that cumulative GST comes to Rs. 17,39,806/- and this amount has to be added not to the total amount of purchase as found in the profit and loss account, which includes the other expenses relating to the purchase, but to the amount which was subject to TCS. In that case, it comes to Rs. 1,12,10,164/-. This amount tallies with the invoice amount of Rs. 1,12,10,160/-. The difference of Rs. 2 lakhs, observed by the learned CIT(A), was due to the non-consideration of the contention of the assessee by CIT(A) that there are other expenses like godown rent, charges on late payment etc., to the tune of Rs. 1,95,235/-; and when that amount is considered, absolutely there is no difference and highly probablises the case of the assessee. No discrepancy in the case of the assessee. The addition is not warranted - Appeal of assessee is allowed.
|