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2014 (1) TMI 181 - ITAT AHMEDABADFall in GP rate - Held that: - The book result cannot be rejected lightly without cogent and convincing reasons - The departmental representative could not point out any specific books of account which were not produced before the AO - The contention of the Revenue that the assessee must have maintained separate books of account for jobwork business and own trading business is without any legal basis and merely one set of books of account was maintained by the assessee for the entire business, it cannot be said that proper books of account were either not maintained or not produced - The fall in GP is explained to be attributable to commencing own production during the year - AO did not controvert this explanation - The estimate of GP at 18.11% even in respect of turnover relating to own trading of the assessee by the AO was without any basis and consequently untenable - Decided against Revenue.
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