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| The Tax Publishers2019 TaxPub(DT) 7643 (Rai-Trib) INCOME TAX ACT, 1961
Section 143(3)
Assessee had maintained regular books of account and AO did not come across any evidence suggesting any unaccounted purchase or suppressed sale. In these circumstances, only on the basis of disparity in power consumption, no addition could be sustained.
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Assessment - Addition to income - Additions on account of suppressed sales due to disparity in electricity consumption -
AO noticed disparity in electricity consumption and accordingly rejected assessee's books of account and made additions on account of suppressed sales.Held: Assessee had maintained regular books of account and AO did not come across any evidence suggesting any unaccounted purchase or suppressed sale. He just arrived at various mathematical calculations and derived the yield. In these circumstances, only on the basis of disparity in power consumption, no addition could be sustained.
Relied:Asstt. CIT-1(1) Raipur v. Ramesh Steel Industries ITA. No. 95/BLPR/2011, St. Teressa's Oil Mill (1970) 76 ITR 365 (Ker-HC) : 1970 TaxPub(DT) 0239 (Ker-HC) and Sulabh Marbles (P.) Ltd. (2006) 205 CTR 464 (Raj-HC) : 2006 TaxPub(DT) 1875 (Raj-HC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. :
INCOME TAX ACT, 1961
Section 156
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