Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (5) TMI 332 - AT - Income TaxAddition of bank deposits u/s 69 - Assessee assessed u/s 44AF - assessee is engaged in the business of supply of building material on retail basis and submitted its return of income as on 31.03.2004, 16.11.2005 and 31.03.2007 for the relevant assessment years 2003-04, 2005-06 and 2006-07 under section 139(4) of the Act - The assessee prepared profit and loss account, Balance Sheet and Trading Account and also noted turnover calculated on the basis of these katcha books - Assessing Officer denied computation of income under section 44AF of the Act to assessee on the ground that he has maintained books of account in all three years but by going through accounts prepared by assessee and argued by the Counsel that these are maintained by assessee on the basis of rough/katcha books where sales and purchases are recorded and these are strictly followed - Held that: the deposits and withdrawal are matching with the turnover for all the three assessment years and assessee has declared its income u/s. 44AF of the Act and moreover, the assessee's receipts has nexus with deposits, the deposits assessed by the lower authorities u/s. 69 and 69C of the Act is without any basis, hence deleted - Decided in favor of the assessee
|