Search Results Page
Search Results
1 - 9 of 9 (0.44 seconds)Section 144 in The Income Tax Act, 1961 [Entire Act]
Section 145 in The Companies Act, 1956 [Entire Act]
Section 68 in The Companies Act, 1956 [Entire Act]
Section 144 in The Companies Act, 1956 [Entire Act]
Principal Commissioner Of Income Tax 4 vs M/S.Marg Limited on 20 July, 2017
This observation has been
made by the Assessing Officer at page No. 1 of his order. Therefore,
without rejecting books of account and without observing any discrepancy in
the books of account, the action of the Assessing Officer in applying higher
gross profit rate is not justified. The Assessing Officer has also not rejected
books of account and merely on the basis of lower gross profit rate and on
the basis of some discrepancies in the figures filed in the return of income
I.T.A. No.160/Lkw/2017
8
Assessment Year:2012-13
and as per audit report, has made this addition. Hon'ble Madras High Court
in the case of Marg Limited (supra), under the similar facts and
circumstances, has held that the Assessing Officer needs to reject books of
account before making his own assessment. Hon'ble Court has held that it
is sine qua non that while estimating the income the Assessing Officer has
to come to a conclusion that the books of account maintained by the
assessee are incorrect. The findings of Hon'ble Court, as contained from
para 4 onwards, are reproduced below:
The Companies Act, 1956
C.I.T Central-Iii vs M/S Excel Industries Ltd on 8 October, 2013
In support of the above
conclusion reliance is placed on the judgment of Apex Court in
the case of CIT vs. Excel Industries 358 ITR 295 wherein it has
been held as under :
Radhasoami Satsang, Saomi Bagh,Agra vs Commissioner Of Income Tax on 15 November, 1991
In Radhasoami Satsang Saomi Bagh v. Commissioner of
Income Tax, [1992] 193 ITR 321 (SC) this Court did not think it
appropriate to allow the reconsideration of an issue for a
I.T.A. No.160/Lkw/2017
14
Assessment Year:2012-13
subsequent assessment year if the same "fundamental aspect"
1