2016 (3) TMI 364

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....lion. During the course of assessment, the Assessing Officer found certain clerical errors in the annual report of the assessee-company. The assessee explained before the Assessing Officer that these are clerical errors which do not have impact on the profit of the company. Even though there is no error in the books of account of the company, based upon the clerical errors in the annual report, the Assessing Officer found that the books of account of the assessee are not reliable. Therefore, by rejecting the books of account, the Assessing Officer estimated the profit in all business of the assessee. According to the ld. Counsel, the Assessing Officer estimated the net profit at 2% in the business of bullion trading and all other businesses....

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.... be justified. 3. On the contrary, Shri AV Sreekanth, ld. Departmental Representative submitted that on examination of Form 3CD report, during the course of assessment, the Assessing Officer found that the assessee purchased gold bullion to the extent of Rs. 1,85,34,411/- from M/s Gajaanand Jewellery Mart Pvt. Ltd, Coimbatore. The Assessing Officer after examining the ledger account appearing in the books of account of the assessee-company, found that M/s Gajaanand Jewellery Mart Pvt. Ltd has sold gold bullion to the extent of Rs. 2,23,39,087/-. Since there was a difference with regard to purchase of gold bullion from M/s Gajaanand Jewellery Mart Pvt. Ltd, Coimbatore, the Assessing Officer found that there was a possibility of change in ....