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| The Tax Publishers2020 TaxPub(DT) 2138 (P&H-HC) INCOME TAX ACT, 1961
Section 145
Where revenue doubted books of account of assessee on ground that Net Profit rate had dropped drastically in preceding years, considering that CIT(A) based on remand report held that no finding of any discrepancy was ascertained and order of CIT(A) was confirmed by Tribunal, no substantial question of law arose.
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Method of accounting - Alleged drastic drop in Net Profit rate - No discrepancy was ascertained by appellate authorities warranting interference of court -
Revenue challenged order of Tribunal upholding the order of CIT(A) in deleting addition of Rs. 15,53,42,066 made by AO on account of difference in net profit ratio of 4.40% as compared to the preceding year by invoking the provisions of Section 145(3) of the Income Tax Act, 1961. Held: Books of account of assessee were found to be doubtful on ground that Net Profit rate had dropped drastically in preceding years. Subsequently, a remand was ordered and in the remand report the Books of Accounts produced were checked but no finding of any discrepancy was ascertained. It was in these circumstances that CIT(A) allowed appeal of the assessee and that finding was upheld by Tribunal. No substantial question of law arose.
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
IN THE PUNJAB AND HARYANA HIGH COURT
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