In assessment under sec 143(3) difference with books of account should properly explained or addition can be made and interest under sec 234B can be charged.

Last updated: 22 February 2012

Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
It was observed that the balance in the shares account is Rs.23,52,580/- whereas as per books of account and as per trial balance it is Rs.22,93,130/- and assessee has failed to explain the difference or substantiate his plea that there is no difference. As such, it is held that since assessee has not been able to explain the difference, therefore, addition is called for which has rightly been confirmed by the CIT(A) whose action is further confirmed and this ground appeal of the assessee is dismissed.

Citation :
M/s Kuber Securities Ltd., C/o Raj Kumar & Associates, CA 4435/7, Ansari Road,Darya Ganj,New Delhi.(PAN/GIR No.AADCK3522B)(Appellant) Vs. ACIT, Circle 5(1),New Delhi.(Respondent)