TaxTMI 
TaxTMI 
2015 (9) TMI 175
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.... addition of Rs. 4,85,625/-; (ii) deleting addition of Rs. 14,39,589/- on account of unexplained loans." 2. The first ground of revenue's appeal is against reducing the G.P. rate on the turnover without any valid and genuine basis and deleted the addition of Rs. 4,85,625/-. The assessee derives income from business of retail saree shop and other sources of house property. He filed his return on 30/09/2009 declaring income of Rs. 4,42,210/-. The ex parte order U/s 144 of the Income Tax Act, 1961 (in short the Act) was passed by the Assessing Officer. The ld Assessing Officer issued notice U/s 143(2) of the Act on 28/09/2010 and fixing the case for hearing on 18/10/2010. The assessee sought adjournment on that date. The Assessing Office....
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....details required from time to time. Finally, the Assessing Officer passed order U/s 144 of the Act on the basis of evidence available with him. As per trading account, the assessee had shown G.P. rate @ 18.07% compared to G.P. rate @ 18.08% in preceding year. The assessee had not produced the books of account, purchase bills, sales bills, vouchers of expenditure etc. for verification. Further the assessee had shown closing stock of Rs. 38,23,004/- but no stock inventory of closing stock filed or produced for verification, which was also not subject to verification. In absence of complete books and vouchers, the sale of the assessee was estimated at Rs. 1.05 crores as sale disclosed by the assessee at Rs. 1,02,15,340/-and applied the GP rate....
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....tock were maintained on computer. The assessee thus maintained record at the best it could do, though assessee did not maintained day to day stock - register in a stock book form as it is not practicable to maintain such details. In the case of Ashoka Refractories P. Ltd. Vs. CIT (2005) 279 ITR 457 it is held that the absence of stock register or failure to maintain itemwise stock register, books of accounts cannot be rejected unless there is a finding or opinion either that record were incomplete or that method of accounting employed was such that income could not be deduced from accounts maintained by assessee. The assessee in immediately preceding year declared total sales of Rs. 89,12,360/- wherein gross profit was Rs. 16,11,415/- givin....
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.... report of Ld. A.O. and also took into consideration the discount sales. Therefore, the ld CIT(A) finally calculated the G.P. @ 20.725%, which comes to Rs. 3,29,950/- and remaining balance addition of Rs. 8,85,625/- is deleted. Therefore, he prayed to confirm the order of the ld CIT(A). 6. We have heard the rival contentions of both the parties and perused the material available on record. It is undisputed fact that the assessee did not produce complete books of account with vouchers for verification by the assessee as the assessment was made U/s 144 of the Act. However, the ld CIT(A) had called for remand report from the Assessing Officer, who has proposed the G.P. rate after verification of the certain bills @ 30.73% as against 25.35% ....
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....see. She was assessed to tax and filed her return with ITO Ward 1(1), Kota. She had filed her return for A.Y. 2009-10 on 30/09/2009 declaring income of Rs. 4,36,950/-. The Assessing Officer of both the assessee's and creditors was same. The details could have been easily verified by the Assessing Officer himself. Master Vaidik Sharma is minor son of the assessee, who had opening balance of Rs. 4,04,015/- and received rental income at Rs. 3,15,013/- during the year under consideration. Being minor, the income of Master Vaidik Sharma has been clubbed in the assessee's income and same has been offered for taxation. Therefore, he allowed the appeal. 9. Now the revenue is in appeal before us. The ld DR has vehemently supported the order of th....