TaxTMI 
TaxTMI 
2017 (6) TMI 2
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....m of the appellant which was substantiated through various documents and written submissions without dealing with a single aspect of the submissions and the evidences. The order passed by the Learned Commissioner of Income Tax (Appeals) is contrary of provisions of law and may be set aside. 2. On the facts & circumstances of the case the Learned Commissioner of Income Tax (Appeals) has erred in confirming the order of the Learned Assessing Officer for rejecting the book of accounts of the appellant u/s. 145(3). The appellant prays that the deduction of the book of account is not justified on the facts and circumstances of the case. The appellant prays that the book result may be accepted. 3. On the facts & circumstances of the case the Le....
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....pellant craves the permission to rely upon the paper book and the written submissions filed before the Learned Commissioner of Income Tax.(Appeals). 7. On the facts & circumstances of the case the Learned Commr. of Income Tax (Appeals) has erred in not deciding ground raised by the appellant regarding the treatment of income. The appellant prays that the claim of the appellant be accepted and the income of Rs. 16,73,331/- be taxed under the head Profits and Gains of Business and Profession instead of Income from Other Sources. 8. On the facts & circumstances of the case the Learned Commissioner of Income Tax (Appeals) has erred in not deciding ground No. 5 regarding relating to levy of interest u/s. 234B amounting to Rs. 7,75,800/- The ap....
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....een rejected, therefore, the AO is justified in estimating the income of the appellant and there is no reason to interfere in the findings of the AO, hence Ground No. 3 is dismissed. 9. In the result, the appeal for A.Y. 2012-13 is dismissed." 6. Assessee is in further appeal before us. 7. Learned Sr. AR appearing on behalf of assessee contended that the Assessing Officer during the course of assessment proceedings asked for various details and the assessee had filed the complete details called for. The learned Assessing Officer has totally misunderstood the facts of the case and has made blatantly wrong statements in the assessment order. Thereafter he has touched upon the subject matter of shortage and ultimately rejected the books o....
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.... average gross profit ratio shown in other cases where similar business activity has been carried out is around 10%". This is an abstract statement made by him without giving any evidence whatsoever he therefore submitted that the estimation of GP at 10% has no base and the arbitrary determination of GP at 10% needs to be deleted. 9. On the other hand, learned DR relied on the findings recorded by the AO giving reasons for rejection of books of accounts and estimation of profit at 10%. 10. We have considered rival contentions and carefully gone through the orders of the authorities below and found from record that during the course of scrutiny assessment AO has found some discrepancies in the books of accounts with regard to the import pu....
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....from whom the material purchased on high seas basis. This contention of learned AR is correct. 14. It was also allegation of the Assessing Officer in para 28 of assessment order that the assessee has made a payment of foreign exchange fluctuation and the transactions are not included in the receipt and in the sales register. 15. Reply of learned AR was that assessee has only booked the cost due to foreign exchange fluctuation and that these purchases were made in earlier assessment years where payment was also made in the A.Y.2012-13 under consideration and due to foreign exchange fluctuation, the additional cost was incurred. Our attention was invited on page 262A of the paper book in support of the same. 16. In para 11 of the assessmen....