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Addition Upheld for Books Rejection but Arbitrary Net profit Estimation Deleted
Case Law Details
- Case Name
- Mediboyana Venkata Appala Surya Prakash Vs ACIT (ITAT Visakhapatnam)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Visakhapatnam
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Mediboyana Venkata Appala Surya Prakash Vs ACIT (ITAT Visakhapatnam)
Books Rejection Upheld; 12% NP Estimate Removed—Weighted Average NP Lower Than Declared, ₹65.08L Addition Deleted
The Tribunal noted that the case was selected for “limited scrutiny” to verify “Large other expenses claimed in the Profit & Loss A/c”, and the AO, on perusal of the material, found serious infirmities such as self-made vouchers, unsigned bills and purchase ledger entries showing vehicle numbers of Motorcycles, Two-Wheelers and Auto Rickshaws for transporting huge construction mate...
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