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2018 (2) TMI 260 - AT - Income TaxRejection of assessee’s books u/s.145 - Held that:- Learned counsel however fails to rebut both the lower authorities’ multiple reasoning supporting rejection of assessee’s books u/s.145 of the Act after quoting various shortages forming hallmark of ship breaking business. We therefore see no reason to accept assessee’s instant substantive grievance that both the lower authorities have erred in law as well as on facts in rejecting its books. The assessee’s instant first substantive ground is therefore declined. Unaccounted sales of machineries/DG sets, engines addition - Held that:- We find no substance in the instant appeal for the reason that profit element in account and unaccounted sales figures may not be uniform on presumption basis. We therefore direct the Assessing Officer to compute the impugned addition by taking NP @4.5% qua the addition amount of ₹ 55lacs. The assessee gets part relief in its second substantive ground. Unaccounted sales of oil addition - Assessing Officer admittedly made the impugned addition after holding that the assessee had sold oil in ship’s engines after they were taken to its ship breaking yard - Held that:- We find at this stage that neither the assessee has discharged its onus that none of the ships concerned had oil in its fuel tank nor Revenue has proved the exact quantity thereof since the Assessing Officer chose to make the impugned addition on estimation basis. We accordingly see no reason to interfere with learned CIT(A)’s conclusion restricting the impugned addition to a lump sum amount of ₹ 1lac only.
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