Case Law Details
Purna Chandra Rout Vs ITO (ITAT Delhi)
In case of the difference between the Assessee’s books of account and as per Form No. 26AS, then on the said difference, only embedded portion of the profits is to be taken into consideration and the addition is to be made thereon but entire turnover cannot be added to the income of the Assessee.
FULL TEXT OF THE ORDER OF ITAT DELHI
1. The present appeal has been preferred by the Assessee against the order dated 28.01.2017 impugned herein passed by the Ld. CIT(A)-18, New Delhi (in short “Commissioner”) u/s 250(6) of the Income Tax Act, 1961 (in short “the Act‟) for the Assessment Year 2014-15.
2. The only issue raised in this appeal by the Assessee pertains to the affirmation of the addition of Rs. 41,40,753/- made by the AO on account of unaccounted sales arises due to difference in receipts between the Assessee’s books of account and as per Form No. 26AS. The Ld. CIT(A) affirmed the amount of Rs. 41,40,753/-on account of mismatch of amounts as per Form No. 26AS and gross receipts as per audited accounts on the ground that said amount was not accounted for by the Assessee in its gross receipts.
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