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2015 (11) TMI 74 - BOMBAY HIGH COURTRejection of book results u/s. 143(3) - estimating total income - revision u/s 263 - Held that:- We find that there was sufficient material available on record for the Assessing Officer to reach the conclusion that the books of account as produced by the Respondent Assessee were not reliable. The rejection of books of account were on account of cumulative factors such as the Respondent Assessee not being able to give the names and addresses of the persons who purchased the frames in cash. It is not only the failure of the Respondent-Assesssee in giving the names and addresses of the purchasers in cash of the defective frames but various other factors which are listed herein above including the fall in the GP ratio from 34.73% in the preceding assessment year to 20.35% in the subject assessment year. The grievance about the submissions made in respect of the order passed by the Commissioner of Income Tax under Section 263 of the Act on behalf of Respondent Assessee cannot be now countenanced as the order dated 27th March, 2006 passed by the Commissioner of Income Tax under Section 263 was accepted by the Appellant. Be that as it may, we are of the view that there was material on record which supports the view taken by the Assessing Officer in rejecting the books of account under Section 145(3) of the Act. This has been confirmed by the Commissioner of Income Tax and the Tribunal by the impugned order. In the above facts, no substantial question of law arises for our consideration. - Decided against assessee.
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