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2020 (1) TMI 1063 - HC - Income TaxLow sales turnover - addition of 2% gross profit by the assessing officer during the course of assessment proceedings - HELD THAT:- Tribunal has rightly observed when there is no allegation by the assessee that assessing officer had pressurized for addition, nor there being any contention that as per profit and loss account no such addition of 2% came to be made, held that appeal was bereft of merit and accordingly rejected the same. Gross profit declared by the assessee at 5.33% on the sales turnover, which was found by the assessing officer to be considerably low on comparison basis namely in comparison with other traders, who are in the same line of business and as such addition of 2% was made by the assessing officer as it would be reasonable for which the assessee himself had accepted. As such contentions raised by learned counsel appearing for appellant does not merit consideration. Consequently, appeal deserves to be rejected. Accordingly, it stands rejected.
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