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2015 (8) TMI 1097 - DELHI HIGH COURT

2015 (8) TMI 1097 - DELHI HIGH COURT - TMI - Rejection of books of accounts - adopting net profit rate of 8% of the gross turnover - ITAT deleted the addition - Held that:- ITAT has while affirming the decision of the CIT(A), noted that the non-maintenance of stock registers cannot be a ground for rejection as it depends upon the nature of the business. The books of accounts maintained by the Assessee were duly audited and, therefore, the onus is shifted to the Revenue to show that the accounts .....

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he orders of the CIT (A) and the ITAT proceeded on facts and have not been shown to be perverse, the Court is of the view that no substantial question of law arises in relation to the above issue.

Unexplained withdrawal made by the Assessee from its current account and the bank cash deposits made in its saving account - CIT(A) partly allowed the Assessee’s appeal - Held that:- The Court finds that the CIT(A) has partly allowed the Assessee’s appeal on this ground and has sustained an .....

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ebruary, 2015 passed by the Income Tax Appellate Tribunal ( ITAT ) in ITA no.5673/Del/2012 for the Assessment Year ( AY ) 2009-10. 2. One issue concerns the deletion of the addition of ₹ 43,01,460/- made by the Assessing Officer (AO) by adopting net profit rate of 8% of the gross turnover, after rejecting the books of account of the Assessee. As far as this issue is concerned, the ITAT has while affirming the decision of the CIT(A), noted that the non-maintenance of stock registers cannot .....

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