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2015 (4) TMI 106 - HC - Income TaxRejection of the books of account - addition to income - estimation to turnover - Held that:- The Tribunal has found that though the present assessee is a limited company, but it is associated with Pravin Kumar Jain group. Pravin Kumar Jain and his brother Pankaj Kumar Jain were Directors in the assessee company. However, the assessee was engaged in the business of trading of goods. The books of account of the assessee were audited. No defect or discrepancy was found. In these circumstances and when there was no material other than the statement of Pravin Kumar Jain, then, the books of account of the assessee could not have been rejected only by relying on the same. There is no specific defect which was pointed out by the assessing officer in the books of account. In the circumstances, the Commissioner's order, sustaining the estimation of the turnover by the assessing officer partially, was rightly set aside by the Tribunal. - Decided against revenue.
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