2019 (2) TMI 273

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....69 on account of sundry creditors in spite of the facts that assessee could not establish the aforesaid credits. 2. That on the facts and in the circumstances of the case the Ld. CIT(A) has erred in deleting the addition of Rs. 1,10,000/- u/s.69 on account of unexplained investment. 3. That on the facts and in the circumstances of the case the Ld. CIT(A) has erred in deleting the addition of Rs. 3,27,751/- on account of current liabilities like CForm and CST payable of Rs. 13,665/- in spite of the facts that assessee could not establish the aforesaid credits. 4. That on the facts and in the circumstances of the case the Ld. CIT(A) has erred in deleting the addition of Rs. 62,49,021/- u/s.69 on account of investment in stock for making....

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....oss Account filed during the course of assessment proceedings, Gross Profit rate was shown by the assessee at 54% while the Net Profit was shown at 20%. Thereafter the assessee-company again filed another Trading and Profit & Loss Account showing Gross Profit rate of 65% and Net Profit rate of 21%. Keeping in view these three different accounts filed by the assessee, which were not in conformatory with each other, the Assessing Officer rejected the books of account of the assessee for the year under consideration and determined the business income of the assessee by applying a Net Profit rate of 30%. He accordingly estimated the business income of the assessee at Rs. 47,57,732/-. He also treated the difference between the opening stock and ....

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....her additions made by the Assessing Officer to the total income of the assessee, the ld. CIT(Appeals) held that the same were not sustainable when the books of account of the assessee were rejected and the income of the assessee was determined on estimated basis by applying net profit rate. To arrive at this conclusion, he relied on the decision of the Hon'ble Andhra Pradesh High Court in the case of Indwell Constructions -vs.- CIT [232 ITR 776] and that of the Hon'ble Allahabad High Court in the case of CIT -vs.- Banwarilal Banshidhar [229 ITR 229]. Aggrieved by the order of the ld. CIT(Appeals), the Revenue has preferred this appeal before the Tribunal. 4. We have heard the arguments of both the sides and also perused the relevant materi....