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2021 (9) TMI 1203 - ITAT HYDERABADRejection of books of account - Computation of the income by invoking provisions of section 145(3) - as per CIT-A AO is justified in rejecting the book results and computing the income by invoking provisions of section 145(3) - HELD THAT:- We find no infirmity in the action of the CIT(A) in confirming the order of the AO by holding that appellant did not produce any convincing explanation with regard to non-production of all the material required for the purpose computation of income. Therefore, we confirm the order of the CIT(A) and dismiss the grounds raised by the assessee on this issue. Rejecting the loss claimed - HELD THAT:- CIT(A)'s reasoning by considering the reconstructed trading account is proper and we do not find any reason to interfere with decision of CIT(A). Accordingly, we uphold the order of the CIT(A) and dismiss the ground. Addition made towards income on speculative business - CIT(A) deleted the same observing that since the said amount already brought into the constructed trading account and decided to ignore the resultant loss, the question with regard to head of that income is only academic interest - HELD THAT:- We are in agreement with the CIT(A)'s observations and, therefore, the ground raised by the revenue is dismissed on this issue.
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