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Pr. Commissioner Of Income Tax - Central ... vs Emaar Mgf Construction Pvt. Ltd on 13 January, 2025
cites
Commissioner Of Income Tax vs Vikram Plastics And Ors. on 27 August, 1998
This reduction in
estimated expenditure consequently resulted in working of POCM
at 69.32% instead of 57.40%. This resulted in the absolute figure of
Rs.87.97 crores rise in the estimated income of the assessee which
is not without any tangible basis and hence cannot be accepted. The
AO's contention that the negligible profit declared by the assessee
warrants the alteration in POCM is also cannot be accepted. We
also rely on the judgment of CIT Vs Vikram Plastics 239 ITR 161
(Guj.) wherein it has been held that, where no discrepancies or
defects pointed out in the books of account and further that they
were regularly maintained and also on the finding that there was no
material brought on record to establish that purchases or expenses
were inflated or sales suppressed. The profits declared by the
ITA 710/2023 & 745/2023 Page 3 of 5
This is a digitally signed order.
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