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2012 (3) TMI 43 - ITAT RAJKOTAssessee importing & trading timber - Requisition under 133(6) - Books of Account Rejected - On comparable GP calculated at 3% - CIT(A) reduced the rate to 2.5% - Revenue aggrieved by action of CIT is in appeal - Held That:- CIT was correct in rejecting books of account. After considering the nature of business, loss declared and after considering the decision cited by ld. A.R. including the decision of ITAT, Rajkot Bench, we find that it will be fair and just to both sides if GP is estimate at the rate of 2% as against 3% applied by the AO and 2.5% applied by the CIT(A). Interest free Advances - Additions made by applying 18% rate of interest - Held That:- In view of Torrent Financiers v. Asstt. CIT (2001 - TMI - 55358 - ITAT AHMEDABAD-A),disallowance deleted.
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