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2017 (6) TMI 171 - AT - Income TaxEstimation of profit in respect of IMFL business carried by the assessee - Held that:- The coordinate bench of the Tribunal in the case of Tangudu Jogisetty (2016 (7) TMI 379 - ITAT VISAKHAPATNAM) has considered the profit level in the line of business and decided that 5% of purchase price is reasonable profit margin in the line of IMFL business and directed the A.O. to re-compute the profit of the assessee. In view of the above we direct the A.O. to re-compute the income of the assessee at 5% of purchase price. Accordingly, this ground of appeal raised by the assessee is allowed. Unexplained loan creditors - Held that:- The assessee has not filed evidence because the loan creditors are uneducated people. It appears to me that the explanation given by the assessee cannot be accepted for the reason that if at all assessee borrowed some loans, he has to submit all the details before the Assessing Officer and if Assessing Officer is not satisfied on any details, assessee has to make an appeal for admitting those details. In this case, the assessee has not made any attempt neither before the Assessing Officer nor before the ld.CIT(A). Before me, he simply submits that he has not submitted all the details of loan creditors because loan creditors are illiterates. This is not a ground to admit the additional evidence, therefore, prayer made by the assessee for admission of additional evidence is rejected. As the assessee has not filed any evidence neither before the Assessing Officer nor before the ld.CIT(A), even before the Tribunal thus addition confirmed - Decided against assessee.
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