9911796707
TMI Blog2013 (11) TMI 58X X X X Extracts X X X X X X X X Extracts X X X X ..... cumstances of the appellant's case, the learned CIT(A) has grossly erred in upholding the rejection of books of accounts of appellant without appreciating the vital aspects of the appellant's submission contained in the Statement of facts and written submissions dated 29.06.2010 submitted before him. 2. In law and in the facts and circumstances of the appellant's case, the learned CIT(A) has grossly erred in rejecting the explanation of the appellant for fall in gross profit during the year and sustaining the addition made by Assessing Officer partly to the extent of Rs.11,75,000/- by estimating gross profit rate at 17.5%." 4. The learned counsel for the assessee submitted that the account books of the assessee have been rejected merely b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nses incurred by the assessee were supported by self-made vouchers only, and therefore, the AO was justified in rejecting the books of accounts of the assessee, and applying the GP as shown by the assessee itself in the earlier year. He submitted that the CIT(A) has also upheld the finding of the AO that some of the expenses of the assessee were supported by merely self-made vouchers. He submitted that there is no justifiable reasons with the CIT(A) to reduce the GP rate applied by the AO. He relied on the order of the AO. 6. We have considered rival submissions carefully and have perused the orders of the AO and the CIT(A) and also copies of various documents filed in the compilation filed by the assessee. We find that the assessee is in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sales figures of the assessee during the relevant period as compared to the figure of sales in the immediately preceding assessment year. The assessee has claimed that it has sold its goods at competitive rates to achieve higher sales during the year, and that no adverse finding on this claim of the assessee could be made by the Revenue authorities. In the facts of the case, we are unable to sustainable the action of the Revenue authorities in rejecting the books of accounts of the assessee, which were regularly maintained in normal course of business, and audited by the Chartered Accountant . However, some disallowance on account of self-made vouchers with regard to some expenses claimed by the assessee was called for. Considering entire f ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
