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2014 (6) TMI 216 - ITAT MUMBAIEstimation of income from business – Rejection of books of accounts – Unverifiable expenses - Held that:- Revenue rightly contended that there were specific material defects pointed out by the AO in the books of account maintained by the assessee and keeping in view the same - CIT(A) was fully justified in rejecting the books of account – the basis adopted by the CIT(A) to determine the net profit rate be applied in the case of assessee to estimate the business income was quite fair and reasonable – also, very fair view was taken by the CIT(A) to restrict the disallowance made by AO on account of unverifiable expenses keeping in view the remand report submitted by the AO after verification of the expenses claimed by the assessee – thus, there is no infirmity in the order of the CIT(A) on the issue of estimation of assessee’s income by applying net profit rate of 8% - Decided against Assessee.
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