TaxTMI 
TaxTMI 
2016 (7) TMI 26
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....3,355/- on account of applying a rate of 6% on the turnover declared by the assessee appellant at Rs. 3,07,22,588/-. (ii) On the facts and circumstances whether the Ld. CIT(A) was right in deleting the addition of Rs. 6,88,437/- on account of DEPB amounting to Rs. 1,12,982/-, discount Rs. 1,79,902/-, Duty drawback (Bangalore) Rs. 31,100/- and Duty drawback (New Delhi) Rs. 3,64,453/-. (iii) On the facts and circumstances whether the Ld. CIt(A) was right in deleting the addition on account of disallowance of license fees amounting to Rs. 17,13,388/-." 3. The appeal was earlier dismissed as being defective vide Tribunal order dated 20.12.2013. However, on an application filed by Revenue the said order was recalled vide Tri....
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....nditure of rent paid to Windsor Hotel Golf Course Road, Banglore and which was paid through ICICI Bank and details of which was produced before learned CIT(A) besides Assessing Officer. He submitted that learned CIT(A) after going thorough the complete records had rightly deleted the addition as the addition made by Assessing Officer was not based upon the facts as assessee had duly recorded the payments. 6. As regards the rejection of books the learned AR submitted that Assessing Officer had rejected the books of account merely holding that assessee had not recorded the expenditure of rent paid to Windsor Hotel Golf Course Road, Banglore whereas the fact remains that assessee had made payments through its bank account and had duly recor....
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....f during the relevant financial year. This is a serious flaw with the books of account since the total expenditures are not recorded which makes the entire version of books of account suspect. Hence the books of-account/ financial statements furnished by the assessee as well as the audit report is deficient given the fact that these do not reflect complete picture of contemporary record of financial events. Moreover the cash book was not furnished from which the purchases and other expenditures passed through the cash book could have been verified. Resultantly correct examination of contra entries could not be made. In light of the above defects in the books of accounts, the counsel was explained that provisions of section 145(3) w....
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....ture was duly booked in the books of account and was reflected in the P&L accounts and payments thereof were made through bank account and in view of the above facts the rejection of books of account was not justified specially keeping in view the fact that Assessing Officer did not find any deficiency in the sales, purchases, opening stocks and closing stock of the assessee. The contention of the Assessing Officer that rent expenditure of 17,13,388/- was incurred out of unexplained sources is also not correct as learned CIT(A) in this respect has made a clear finding of fact and therefore, the basis which was taken by Assessing Officer for rejection of books of account is also not valid. The Assessing Officer without comparing earlier year....