Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (3) TMI 572 - ITAT JODHPURG.P. addition - Held that:- The books of account were incomplete at the time of survey and there was discrepancies found in the stock. GP rate also declined marginally i.e. from 14.17% shown in immediately preceding year to 13.28% shown during the year under consideration. There was no material to establish that the assessee was making sales outside books of account. After the survey and end of the year, the assessee has prepared its Profit & Loss account on the basis of books of account. Since there were certain discrepancies in stock and marginal decline in GP rate, we are of the view that if an addition of ₹ 50,000/- is sustained in trading account that will meet the ends of justice, which will take care of decline in GP and other discrepancies found. Enhancement of household expenses - Held that:- As already sustained trading addition of ₹ 50,000/- which is more than the addition made by Assessing Officer on account of household expenses and since trading addition was available with the assessee for incurring expenses etc., therefore, we find no infirmity in the order of ld. CIT (A) in allowing set off of the income made on account of household expenses. Accordingly we confirm the action of ld. CIT (A). In fact, there will be no addition as household expenses is less than trading addition sustained.
|