TaxTMI 
TaxTMI 
TaxTMI 
2015 (1) TMI 359
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....essee was also engaged in the business of transportation of goods in the name of M/s. Sheevam Roadlines which was providing carrier services to M/s. Gujarat Ambuja Cements Ltd., a company which is engaged in the manufacturing of cement. The assessee has also other source of income which includes income from petrol pump, income from partnership concerns, namely, Sharma Builders, Om Construction, etc. etc. Separate books of account are maintained for proprietorship concern, M/s. Sheevam Roadlines. The Assessing Officer made an addition to the income of the assessee of Rs. 30,08,983/- for the Assessment Year 2007-08 and Rs. 27,53,219/- for the Assessment Year 2008-09 on account of lower rate of gross profit declared by the assessee. 3. The gr....
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.... account u/s 145(3) of the Income-tax Act, 1961. The revenue has also taken a ground that there is a clear violation of section 40A(3) of the Act. 5. The assessee was engaged in providing the transportation services to M/s. Gujarat Ambuja Cements Ltd. for transporting the cement. The total transport charges received were at Rs. 37,88,30,533/- for the financial year 2006-07 relevant to Assessment Year 2007-08. The Assessing Officer also observed that the payments made to the truck owners were in cash and there were certain payments exceeding Rs. 20,000/- per day to one party. The Assessing Officer rejected the books of account by holding that assessee has not stated any specific reason for fall in the net profit ratio. Assessing Officer als....
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....TDS certificates were filed in paper book, therefore, the allegation of Assessing Officer for not issuing TDS certificate is not substantiated. The details of payments made were also filed before the Assessing Officer. The GR books were not containing the freight rates for the reason that the rates were decided by the company whose goods were transported as per the agreement. The CIT (A) admitted additional evidences and forwarded the same to the Assessing Officer for examination. These evidences were confirmations from the transporters. The CIT (A) also asked the Assessing Officer to comment on these confirmations and TDS certificates in the name of truck owners. The CIT (A) has also considered these confirmations and has also test checked....
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....thol Distillery vs. ITO - (1993) 46 TTJ (Del.) 13 - for the proposition that where the addition has been made on estimating the gross profit rate deserves to be deleted. It was also pleaded that rejection of books of account cannot be merely made on low gross profit rate or on any such irregularity. Considering all these aspects, we hold that the CIT (A) has rightly deleted the addition. 7.1 Facts of the case for Assessment Year 2008-09 were same, therefore, we also uphold the order of CIT (A) for deleting the addition for Assessment Year 2008-09. This addition was made on the basis of average gross profit rate for past 5 years. As we have held that due to non-profitability, the assessee had closed down the business on 30.01.2010 and for o....
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....21.05.2007 Rs.09,56,272/- The appellant also enclosed the copy of sale deed of the original asset, copy of application form for new residential house dated 24.01.2006, copies of receipts of payments and proof of possession dated 26.11.2009. In addition, during the appellate proceedings, the appellant has filed the flat buyer's agreement which shows a total consideration of Rs. 3,00,62,725/- for the under construction Apartment No. C-PH I at Pearls Gateway Towers, Noida. It is evident, therefore, that the appellant has made the entire payment for purchase of a new residential house between 24.01.2006 and 26.11.2009, on which date when the appellant has received possession of the new house. As the original asset was sold on 04.06.2007, ....