Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2007 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2007 (10) TMI 372 - HC - Income TaxRejection of Accounts- . The assessee is a partnership firm carrying on the business as wholesale dealer in cement. In respect of the assessment year 2002-03, the assessee filed its return admitting a total income of Rs.8,62,790. A survey under section 133A of the Act was conducted in the business premises of the assessee on March 18, 2002, just 13 days prior to go for completion of accounts At the time of survey, it was found that the accounts were maintained in the computer and as against the various entries posted in the computer, primary evidence in the form of vouchers or receipts were not available. The assessing authority found that the gross profit as per the computer data on the date of survey was nowhere near the profit shown to the Department. Considering the same, the assessing authority went in for comparable cases, where the gross profit rate was admitted to be around at 4 per cent. to 6 per cent. and proceeded to estimate the gross profit of the assessee at 4 per cent. as against the gross profit disclosed by the assessee at 2.77 per cent. Commissioner (Appeals) and Tribunal confirm the order of assessing authority. Held that- Tribunal rightly confirmed the findings on fact. As the issue involved was one of fact, it could not be interfered with.
|