Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (11) TMI 366 - ITAT BANGALOREAddition on account of not providing the basis of income - Income at Rs.90 lakhs as per the declaration made u/s 132(4) of the Act – Held that:- Assessee had not spelt out the basis of arriving at the income at Rs.90 lakhs which goes without saying that the assessee had presumably arrived at that figure only on estimation - Assessee had admitted before the first appellate authority that there was change of hands of black money also in the sale proceeds of the said commercial complex. CIT (A), had arrived at the gross sale proceeds at Rs.4,91,59,484/- as against the assessee's working of Rs.3.44 crores which was not supported by proper books of accounts. Taking into account the assessee's offer of net profit at Rs.90 lakhs which works out to 18.3% on a turnover of Rs.4.91 crores considered to be too low and that of the AO's working of Rs.2,24,66,173/- which comes to a net profit at 45.7% appeared to be on the higher side, the CIT (A) took a plausible view of 25% of the total turnover of Rs.4.91 crores. The CIT (A) has worked out the net profits on the basis of seized materials in course of search - Working of the CIT (A) has not been contradicted by the learned AR with any documentary evidence – Decided against the Assessee.
|