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2015 (8) TMI 1209 - AT - Income TaxUnexplained investment in stock - CIT(A) deleted the addition under section 69 - Held that:- Commissioner of Income-tax (Appeals) has particularly referred to the decision of the hon'ble Punjab and Haryana High Court in the case of Chauhan Papers P. Ltd. [2006 (10) TMI 426 - PUNJAB & HARYANA HIGH COURT] wherein it was held that if stock statement is made on estimate basis then addition is not called for. As observed earlier the assessee has merely given statement of monthly stock on the basis of a rough estimate by incorporating monthly purchases and sales and, therefore, that statement cannot be made the basis of addition. If there was a difference in stock, the differences should have been ascertained as at the end of the year then possibly the Assessing Officer could have made addition which has not been done. Therefore, we find nothing wrong with the order of the Commissioner of Income-tax (Appeals) and we confirm the same. - Decided against revenue. Disallowance of proportionate interest with regard to debit balance in the name of its related concern - Held that:- Commissioner of Income-tax (Appeals) has correctly noted the fact that once it is a case of sale then even if the amount has not been received it cannot be construed as a case of diversion of funds. In any case one of the partner of M/s. Vibhor Sood and Bros., i.e., Smt. Kiran Sood has also given a loan of ₹ 10 lakhs to the assessee-firm.Therefore, we find nothing wrong with the order of the learned Commissioner of Income-tax (Appeals) and we confirm the same.- Decided against revenue.
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