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2015 (11) TMI 1120 - AT - Income TaxUnaccounted cash sales - CIT(A) deleted the addition - Held that:- There is force in the contention of learned counsel for the assessee that even if the cash sales issue is presumed to be against the assessee, then also only net profit rate could be applied on such sales and that shall be covered by the amount of ₹ 2,00,000 surrendered already by the assessee and has been assessed by the Department. We find that the Assessing Officer in the computation of assessable income has accepted the surrender of ₹ 2,00,000, which was surrendered by the assessee in its return of income. In these facts, we hold that there is no mistake in the order of the Commissioner of Income-tax (Appeals) in deleting the addition of ₹ 7,50,000 on account of undisclosed cash sales and therefore, the ground of appeal of the Revenue is dismissed. - Decided in favour of assessee.
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