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2018 (2) TMI 967 - AT - Income TaxRejection of books of accounts - additions made on account of unaccounted investment and unaccounted profits - variation of consumption of electricity was more than 15% - CIT-A deleted the addition - Held that:- We find, in group of cases with the lead case being Singla Concast Pvt. Ltd. (2017 (4) TMI 1310 - ITAT CHANDIGARH) has accepted that in view of norms outlined by the committee, there was no reason to reject the book results shown by the assessee who have reflected variation in the production pattern within the acceptable range as prescribed by the committee constituted. In view of the same and since as per the facts of the present case, the consumption of electricity is less then 15% of the yearly average the decision rendered by the I.T.A.T. in the case of Singla Concast Pvt. Ltd. (supra) will squarely apply to the present case following which we uphold the order of the ld. CIT(A) directing the Assessing Officer to accept the book result shows by the assessee and to delete the additions made on account of unaccounted profits/unaccounted investment. The contention of the ld. DR that the assessee having shown variation of more than 15% on the lower side of the average,we find, merits no consideration, since we agree with the ld. CIT(A) that lower consumption of electricity for the same quantum of production should be viewed positively and not adversely. Therefore, we agree with the Ld.CIT(A) that this cannot be the basis for rejecting the books of account of the assessee. In view of above, the grounds of appeal raised by the Revenue are dismissed.
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