Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
CGST - Acts + GST Rates GST Ntf. GST Forms GST - Manual GST - FAQ State GST Acts SGST Ntf. I. Tax Manual
Extracts
Home List
← Previous Next →

Commissioner of Income-Tax Versus Satish Bala Malhotra and others (No. 2)

[2016] 387 ITR 408 - Addition made on account of low gross profit rate - rejection of the books of account - ITAT deleted addition - Held that:- AO adopted a gross profit rate of 41.50 per cent on the basis of the gross profit rate of M/s. Pardeep Publication involved in the similar business. That, however, cannot be the only ground for the purpose of determining the gross profit rate. CIT(Appeals) has dealt with the case of M/s. Pardeep Publication in considerable detail and found substantial d .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

sessee. The increase in the cost of paper itself was 60 per cent. The quality of the paper was also different the assessee having used thicker paper. There were more colours in the assessee's publication which would in turn increase the cost of publication. The Tribunal accepted this approach and the finding. - The Tribunal also noted that in the earlier years, the assessee's gross profit rate varied between 21 per cent. to about 24 per cent. In the year in question, it was 25.34 per cent. T .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

questions of law. Questions (ii), (iii) and (iv) are liable to be dismissed in view of our order and judgment dated August 11, 2016 in I. T. A. No. 232 of 2012 titled as CIT v. Smt. Satish Bala Malhotra (No. 1) [2016] 387 ITR 403 (P&H). That matter was also between the same parties. 3. The facts, however, leading to the proceedings in this case are the same as those in I. T. A. No. 232 of 2012. The same have been referred to therein. 4. This brings us to question (i) raised by the appellant .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

but not upholding the consequential estimation of income by the Assessing Officer even though there are serious defects in the assessee's accounts ?" 5. At the outset, it may be noted that the Assessing Officer rejected the books of account, but the Commissioner of Income-tax (Appeals) upset that finding. The Tribunal, however, accepted the Assessing Officer's rejection of the books of account. Despite the same, the Tribunal accepted the Commissioner of Income-tax (Appeals)' de .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version