Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (9) TMI 427 - HC - Income TaxRejection of books of accounts u/s 145(3) Adoption of GP @ 20% against 40% - Held that:- The assessee had suppressed sales and had also suppressed the expenses - once the books of accounts of the assessee are rejected, a fair estimate of the profits needs to be made Tribunal rightly held that the adoption of net profit rate by the CIT(A) was not justified once the books of accounts were rejected CIT(A) could not have applied the net profit rate while computing the gross profits - the Tribunal on the basis of the self same material has estimated the gross profit at 20% - the gross profit has been determined on the basis of estimate - The estimate to be made in a particular case is largely a question of fact the order of the Tribunal is upheld Decided against revenue.
|