2011 (12) TMI 742 - AT - Income Tax

Summary

Issues Involved:
The judgment involves multiple appeals, with one appeal by the department for the assessment year 2008-09 and the remaining appeals by the assessee for various assessment years. The main issues include addition deletions, application of provisions under section 145(3), GP rate adjustments, unverifiable purchases, cash purchases, and disallowance of expenses.

Assessment Year 2008-09:
- The department's appeal was against deleting an addition of Rs. 48,16,027 out of a total addition of Rs. 1,00,39,000.
- The assessee's appeal included grounds against sustaining an addition of Rs. 52,22,973 out of the total addition.
- The Tribunal found that the addition in the present assessee's case should be deleted based on similar reasoning applied in other related cases.

Remaining Grounds for 2008-09:
- Grounds related to survey actions, trading additions, application of section 145(3), GP rate adjustments, and unverifiable purchases were dismissed or allowed based on similar findings in related cases.

Assessment Year 2003-04:
- Issues included the application of section 145(3), trading additions, unverifiable purchases, cash purchases, and expense disallowances.
- The Tribunal directed the AO to recalculate trading additions based on revised GP rates and allowed the assessee's grounds related to unverifiable purchases and expenses.

Assessment Year 2004-05:
- Similar issues as in 2003-04 were addressed, with directions to apply revised GP rates and allowance of grounds related to unverifiable purchases and expenses.

Assessment Year 2005-06:
- The Tribunal directed recalculations of trading additions based on revised GP rates and allowed the assessee's grounds related to unverifiable purchases and expenses.

Assessment Year 2007-08:
- Similar issues were addressed, with directions to apply revised GP rates and allowance of grounds related to unverifiable purchases and expenses.

Conclusion:
The Tribunal dismissed the department's appeal and partially allowed the assessee's appeals across the various assessment years, based on the specific issues and findings discussed in each case.