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2018 (9) TMI 1015 - AT - Income TaxEstimation of income at 8% of the purchase price - Held that:- The issue involved in this appeal is squarely covered in the case of Sri Vysyaraju Satyanarayana Raju, Srikakulam Dist. 2016 (8) TMI 1273 - ITAT VISAKHAPATNAM] thus irect 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 expenditure - Held that:- AO considered the sum of ₹ 2,96,433/- as first purchase which was incurred without source. As per the ledger account copy placed before us, the first purchase was ₹ 1,44,711/- but not ₹ 2,96,433/-. This fact was not pleaded before the lower authorities, thus, the issue needs further verification at the end of the AO. Therefore, in the interest of justice, we remit the matter back to the file of the AO to verify the correct amount of initial expenditure and the sources thereon and to redo the assessment afresh on merits. Accordingly, this issue is set aside and remitted back to the file of the AO denovo for fresh consideration Addition of unsecured loans - Held that:- Before the Ld.CIT(A) also the assessee failed to furnish any evidence to prove the genuineness of the outstanding unsecured loans. Therefore, we do not find infirmity in the order of the Ld.CIT(A) and the same is upheld. The appeal of the assessee on this ground is dismissed. Unsecured trade creditors addition - AR requested for admission of additional evidence in the form of confirmation - Held that:- As per para No.12 of this order, we have rejected the admission of additional evidence. In the instant case, the assessee failed to submit the confirmation and the details before both the lower authorities to establish the genuineness and correctness of the unsecured trade creditors. Even the assessee failed to furnish the names of the creditors. Therefore, we do not find any infirmity in the order of the Ld.CIT(A) and the same is upheld. The appeal of the assessee on this ground is dismissed.
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