2010 (1) TMI 796

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..... the Commissioner (Appeals) in whose order, the order of the Assessing Officer had merged before reversing the same, order passed by the Tribunal on this point is required to be quashed and set aside and the matter may be remanded to the Tribunal for deciding afresh. Tribunal fixed net profit rate at 4% - expenses claimed by the assessee are not open to verification in the absence of independent an .....

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..... x Appeal under Section 260A of the Income Tax Act for assessment year 2001-02, proposing to formulate the following substantial questions of law for determination and consideration of this Court:- (i) Whether in the facts and circumstances of the case the Income Tax Appellate Tribunal was right in law in reversing the order of the CIT(A) without in any way discussing the findings reached by the .....

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..... f of the Revenue. Heard Ms. Niti Sheth, the learned Advocate appearing for Mrs. Swati Soparkar for the Appellant and Mr. M.R. Bhatt, the learned Standing Counsel appearing with Mrs. Mauna Bhatt, the learned standing Counsel for the Revenue. Ms. Sheth has submitted that while disturbing the order passed by the learned CIT (Appeals), the Tribunal has not assigned any reason whatsoever and hence .....

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..... ven cogent reasons as to why such additions are not sustainable. Being aggrieved by the said order of the CIT (Appeals), the Revenue has filed an appeal before the Tribunal and the Tribunal while dealing with this issue simply observed in its order that on overall consideration of the materials brought on record, the Tribunal was of the view that the expenses claimed by the assessee are not open t .....

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..... supposed to deal with the finding recorded by the CIT (Appeals) and to give its own reasons as to why the said finding is not sustainable either on facts or in law. In absence of this exercise, the order passed by the Tribunal is not sustainable and hence the same is hereby quashed and set aside and the matter is restored back to the Tribunal to decide it denovo. The Tribunal is hereby directed t .....

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