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2017 (12) TMI 1258 - AT - Income TaxComputation of income on estimate basis - genuineness of expenses - Held that:- When the assessee cannot establish the genuineness of the expenses, we do not find any error in the action of the Assessing Officer for computing the income on estimate basis. Therefore, we uphold the order of the ld. CIT(A) with regard to estimation of income @ 8% on main contract receipts and @ 6% on sub-contract receipts, apart from sub-contract commission. Allowance of depreciation and remuneration paid to the partners - Held that:- Assessing Officer selected the case for verification of depreciation and as per the information available on record, he has verified the depreciation and found that there was no defect in the transaction. The Assessing Officer has observed that the suppliers had supplied wooden structures and the assessee is eligible for higher rate of depreciation. The Assessing Officer has also viewed that no disallowance is required to be made on account of depreciation, hence, we are of the opinion that assessee is entitled for depreciation from the estimated income, since ld. CIT(A) while allowing the appeal, followed the order of this tribunal on similar facts and no material is placed to controvert the findings of the ld. CIT(A). Therefore, we uphold the order of the ld. CIT(A) and dismis the appeal of the revenue.
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