Amount received from sister concern cannot be treated as unexplained only on the basis that sister concern shows lower profit
Last updated: 12 April 2012
Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
After hearing both the parties, we find that during assessment proceedings the AO noticed that the assessee has declared sales figure of Rs.1,34,45,538/-.The assessee was asked to file details of the sales and labour charges which were accordingly furnished. On perusal of the details, it was noticed that as per details of sales and labour charges the amount was Rs.1,46,69,139/-. The assessee was asked to reconcile the difference of Rs.12,23,601/- with documentary evidence. Since the assessee did not file any reconciliation, therefore, the difference was added to the income of the assessee. On appeal before the ld. CIT(A), it was submitted that details of sales filed included sale of plant & machinery and other items also and a fresh reconciliation was filed.
Citation :
Income-tax Officer-4(3)(4),R.No.637, 6th floor, Aaykar Bhavan,M.K. Road, Mumbai-400 020.Appellant Vs.Sumita Synthetics Ltd.,609, Kalkad Market,306, Kalbadevi Road,Mumbai-400 002.PAN: AABCS4453P. Respondent
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Ayush
Published in Income Tax
Views : 1916
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