9911796707
TMI Blog2011 (9) TMI 795X X X X Extracts X X X X X X X X Extracts X X X X ..... e and finished goods, the same was not required to be included in the profit and loss account - Appeal is dismissed - Tax Appeal No. 1112 of 2010 - - - Dated:- 6-9-2011 - Akil Kureshi, Sonia Gokani, JJ. Mauna M. Bhatt for the Appellant JUDGEMENT Sonia Gokani:- Revenue has challenged the order of the Income Tax Appellate Tribunal (ITAT) dated 30 th November 2009 proposing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... med the addition and therefore, this was further challenged before the Appellate Tribunal by the assessee which deleted the additions by the impugned order. The Revenue is therefore before us against the said order of the Tribunal. This Court has heard learned counsel Mrs.Bhatt for the Revenue and with her assistance perused the orders of the adjudicating authorities. The Assessing Officer in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 70,50,263 It was also noted by the Tribunal that when the assessee was confronted with regard to such disclosure of unaccounted purchase of the raw materials, the reply given by the assessee was that the said undisclosed income had been utilized for carrying out the production of finished goods and as the finished goods had been sold and its value had been reflected in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... while it focused only on the reduction of gross profit margin which came down from 9.33% to 6.53%. The Tribunal, therefore, dealing with all these facts, concluded that if such addition made by the Assessing Officer is allowed to be confirmed, the same would tantamount to double addition, when otherwise explanation with regard to consumption of the additional material has come forth satisfactoril ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
