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CIT vs. Anand Kumar Held that "addition made after rejecting books Modi (2015) 2 ITJ maintained by assessee should be deleted when Online 668 all quantitative details were available in hooks (Jharkhand) of account and account and accounts were regularly maintained".

Pr. Commissioner of Held "Any pick and choose method of rejecting Income tax vs. Forum certain entries from the books of account while Sales Pvt. Ltd (2024) accepting others without appropriate justification, is 468 ITR 392 (Del) at arbitrary and may lead to an incomplete 403 unreasonable and erroneous computation of income of an assessee - (Para-24) 1.6) In substance, reasons for reduction in the gross profit were manifold such as :- (a) effect of COVID-19 during entire year which adversely resulted not only the working of the manufacturing activity but also substantial decrease in export turnover (b) Substantial increase in the raw material price due to insufficient crop of soyabean from Rs.40/- per kg. to Rs.59/- per kg, (c) substantial decrease in export realization of manufactured goods i.e. de- oiled cake and lecithin due to COVID-19. (d) Import of degum oil from outside India for refining at a higher cost, (e) Increased cost of manufacturing due to partial closed down of factory and absence of workers during COVID-19, (f) Increased logistic cost on finished goods within India etc. etc. 1.7) The company submitted detailed statements showing proper quantitative reconciliation of raw materials, finished goods and semi-finished goods with Balance sheet and Tax Audit Reports and proved beyond doubt that there was no defect whatsoever in the accounts. In view of submissions made above, there was no justification to reject books of accounts and apply gross profit rate of 7.20% on total turnover of Rs.685.75 crores, hence addition of Rs.16.77 crores being wholly unjustified and arbitrary was correctly deleted by Ld. CIT(A).