TaxTMI 
TaxTMI 
2014 (7) TMI 1106
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....T(A)-III, Hyderabad dated 18.10.2012 on the issue of estimation of income on the additional turnover of Rs. 142.99 crores. Revenue has raised ground No.2 on the issue that Ld. CIT(A) was not justified in treating 15% of the suppressed turnover to be the income when assessee did not produce any evidence of incurring expenditure against the suppressed turnover. 2. Briefly stated, assessee company d....
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....nover as representing income of the assessee. It was further submitted that even assuming for a while that such a turnover existed, the profits on the turnover alone could be taxed but not the turnover itself, since there should be deduction for the cost of purchase of goods and the related expenditure incidental thereto. Considering the assessee's submissions, Ld. CIT(A) determined the total ....
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....ust provide adequate allowance for purchases and direct expenses. Therefore, I hold that only 15% of the additional turnover of Rs. 142,99,61,063/- i.e., Rs. 21,44,94,159/- is to be added. The appellant gets relief accordingly." 3. When the case was taken up for hearing, none appeared on behalf of the assessee. There was no information on record whether assessee has preferred any appeal on the or....
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....ence of turnover as reported by the CIB, even without verifying from the sales tax department and made the addition of difference of turnover as income. As seen from the submissions before the Ld. CIT(A), assessee did contest that they have sold goods and machines only of M/s. JCB India Ltd., and admitted turnover was at Rs. 220.49 crores fully supported by audited books of accounts, purchase bill....