2015 (4) TMI 59

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ellate Tribunal was justified in upholding the decision of the Commissioner of Income Tax (Appeals) in reducing the profit of the assessee from 30% to 10% in respect of profit from M/s.Lameens Entertainment without appreciating the fact that the books of accounts of the assessee is not reliable which has been rejected and the income of the assessee correctly estimated by the Assessing Officer ? (B) Whether on the facts and in the circumstances of the case and in law the Income Tax Appellate Tribunal justified in upholding the decision of the Commissioner of Income Tax (Appeals) in reducing the profit of the assessee from 30% to 15% in the case of Dress Designer account, without appreciating the fact that the books of accounts of the assess....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Similarly, so far as the activities of dress designing is concerned, the respondent had showed gross receipts of Rs. 15.23 lakhs and claimed expenditure of Rs. 13.08 lakhs. However, the Assessing Officer disregarded the expenditure and estimated net profit at 30% on gross receipts of Rs. 15.23 lakhs. So also an amount of Rs. 9.60 lakhs received as gift from the sister of the respondent-assessee was disbelieved and the Assessing Officer added these amount of gift to the income of the Assessee under Section 68 of the Act. 3. In appeal, the Commissioner of Income Tax (Appeals) restricted the profit to 10% of the gross receipts from Lamee's Entertainment Factory as well as its gross receipts on dress designing. The Commissioner of Income T....