Jeeva Vadivelu , Bangalore vs Assessee on 21 August, 2012
The AO rejected the books of
account as unreliable, but has however chosen to accept the sales figure
as reflected therein, because it suits the purpose of the revenue. This
approach, in our view, is unacceptable. As rightly contended on behalf of
the assessee, there is no evidence on record to show that the assessee
was in receipt of a sum of Q 83,60,865. The reliance placed by the ld.
counsel for the assessee on the decision of the Hon'ble Supreme Court in
the case of K.P. Varghese v. ITO 131 ITR 597 SC and the Karnataka
High Court decision in the case of N. Seenappa v. CIT 163 ITR 253
(Karn) fully support the plea of the assessee in this regard.