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2024 (4) TMI 490 - AT - Income TaxAddition u/s 69A - cash deposited during demonetization period - determination of net profit @8% - assessee is the registered dealer under VAT Act - HELD THAT:- AO with considering the earlier years net profit and the nature of business has determined the NP @8% which is unjustified. The cash deposit in demonetisation period is also the part of turn over. The turnover is declared in VAT return. Taking power from the order of Surinder Pal Anand [2010 (6) TMI 404 - PUNJAB AND HARYANA HIGH COURT] and Rajinder Parshad Jain [2014 (12) TMI 567 - PUNJAB & HARYANA HIGH COURT] here we direct to restrict the net profit @3% on turnover declared by the assessee. AO without proper verification of fact wrongly determined the turnover of the assessee during the impugned assessment year. DR was unable to place any contrary judgment against the submission of assessee. No challenge was made on veracity of the documents, submitted by the assessee. We set aside the appeal order.
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