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2009 (11) TMI 256 - HC - Income TaxRejection of accounts- assessee is an automobile dealer and obviously registered under the KGST Act, the assessee maintained the stand for several years that it is not in the habit of keeping books of account. Income tax return filed on estimation basis. The Assessing officer adopted the turnover fixed for the year 1988-89 at Rs. 16 lakhs, which become final, as the basis for completion of assessments. He made a progressive addition to the turnover at the rate of 2 lakhs each for every year and estimate the income at 8 percent of the turnover. The Commissioner (Appeals) reduced the addition from Rs.2 lakhs to Rs. 1 lakhs for every year. Tribunal fixed the turnover at Rs. 15 for all the years. Held that- order of Tribunal is justified.
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