Document Fragment View
Fragment Information
Showing contexts for: turnover decrease in Warren Tea Ltd., Kolkata vs Department Of Income Tax on 19 October, 2016Matching Fragments
13. On a careful consideration of the reasoning given by the AO and ld. CIT(A) we find that the ld. CIT(A) is right in holding that the damage in transit is nothing to do with the increase or decrease in the turnover and at the same time, it may not have any impact on the profit earning of the assessee. Ld. AO proceeded on suspicion and it is settled principle of law that suspicion, however, grave, it cannot take the place of real evidence of proof. In these circumstances, we find that the approach of ld. CIT(A) is quite reasonable in holding the addition of Rs.2 lakh made by the AO on presumption basis.