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2015 (9) TMI 752 - GUJARAT HIGH COURTEstimation of GP - ITAT reducing the estimation of GP made by the AO and upheld the rejection of books of accounts - Held that:- Tribunal in the impugned judgment has found that the Commissioner (Appeals) has observed that the Assessing Officer had compared the appellant’s gross profit with four different turnovers and that in case of three of the companies, the turnover was comparable to the case of the assessee company and they were also in similar line of business. That the revenue had not controverted the said finding of fact and accordingly did not find any reason to interfere with the order passed by the Commissioner (Appeals). From the facts noted hereinabove, it is evident that the conclusions arrived at by the Tribunal as well as the Commissioner (Appeals) are based upon concurrent findings of fact recorded after appreciating the evidence on record and hence, do not give rise to any question of law. - Decided against revenue Unaccounted cash credit - addition u/s 68 deleted by ITAT - Held that:- This court finds substance in the submissions advanced by the learned counsel for the appellant, hence, admit. The following substantial question of law arises for consideration:- “Whether the Income Tax Appellate Tribunal has substantially erred in upholding the deletion of addition of ₹ 39,43,083/- made under section 68 of the Income Tax Act, 1961 in case of credits received from Abloom Investment Private Limited, even though the identity, genuineness and creditworthiness was not proved?”
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