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Ramesh Kumar Khandelwal, Bareilly vs Jt. Commissioner Of Income Tax, ... on 17 May, 2018 cites

M/S Renu Engineering Industries vs Commissioner, Central Excise & Service ... on 9 October, 2015

2. At the outset, Learned A. R. argued that the Assessing Officer has wrongly rejected the books of account u/s 145(3) of the Act without specifying any defect therein and therefore, order of the Assessing Officer itself needs to be quashed. Our attention was invited to copy of assessment order placed in the appeal file and it was submitted that the Assessing Officer rejected the books of account of the assessee merely on the basis I.T.A. No.709/Lkw/2016 3 Assessment Year:2012-13 that gross profit declared by the assessee was lower than earlier years. It was submitted that the Assessing Officer has mentioned that stock registers were not maintained whereas the fact is that the stock registers were duly maintained and in this respect our attention was invited to copy of reply filed by the assessee placed at paper book pages 13 to 15 wherein at page No. 14, the assessee had mentioned that assessee maintains computerized stock register integrated with financial records and it was also mentioned that the quantitative details have already been furnished in tax audit report. Therefore, it was argued that the findings of the Assessing Officer are not based upon facts. Without prejudice it was argued that even if it is presumed that stock registers were not maintained, the books of account cannot be rejected as held in the case of Renu Industries vs. Commissioner of Sales Tax and Another.
Custom, Excise & Service Tax Tribunal Cites 4 - Cited by 1 - Full Document

Jiwan Lal Kapoor vs Cit on 15 July, 2003

Similarly, reliance was placed in the case of Sri Ram Jiwan Lal vs. CIT. On merits, Learned A. R. submitted that the Assessing Officer had estimated the profits of the assessee by applying highest rate of gross profit in the earlier three years. Our attention was invited to the order of learned CIT(A) at page 5 where learned CIT(A) has noted the figures of gross profit, turnover and net profit. It was submitted that the turnover of the assessee during the year under consideration increased to 12.75 crores against Rs.7.73 crores in the immediate preceding year. It was submitted that the gross profit rate, as disclosed during the year under consideration, though decreased but net profit rate had increased. It was submitted that during assessment proceedings the financial statements of S. K. Traders, who was operating in similar area and who had declared gross profit of 0.28%, was not considered by the Assessing Officer and therefore, it was prayed that since there was no defect in the books of account, the rejection of books of account was not justified and application of highest gross profit rate of earlier years was not justified. It was submitted that the Assessing Officer did not find any wrong I.T.A. No.709/Lkw/2016 4 Assessment Year:2012-13 in the purchase, sales, closing stock and opening stock of the assessee and therefore, it was prayed that the gross profit rate declared by the assessee should be upheld.
Punjab-Haryana High Court Cites 1 - Cited by 1 - Full Document
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