9911796707
TMI Blog2012 (11) TMI 854X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, 1961 (hereinafter referred to as the Act) against the order dated 23.01.2009 passed by the Income Tax Appellate Tribunal, Lucknow. The department has framed the following substantial questions of law said to be arisen out of the order of the Tribunal. "1. Whether on the facts and circumstances of the case, the Hon'ble Tribunal was justified in law in reducing the addition on account of extra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct of M/s. Vikas Chappal House, Rs. 33,045/- in respect of Bani Footwear, Rs. 47,913/- in respect of Agarwal Shoe Store on account of unexplained credits made by the Assessing Officer and confirmed by the Ld. CIT(A), without appreciating that the assessee failed to explain the above credits in its books of accounts? Briefly stated, the facts giving rise to the present appeal are as follows: The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eferred by the department. We have heard Sri S. Chopra, learned senior standing counsel appearing for the Revenue and have perused the three orders passed by the authorities including the Tribunal. We find that even though the rejection of the books of account and estimation of turn-over and the profits by the best judgment assessment has been upheld by the Tribunal yet taking into consideration ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l Shoe Store are concerned, we find that the Tribunal in the impugned order has held that where best judgment assessment is made, there is no question of addition on the ground of sundry creditors. Moreover, while determining the gross profit, these additions have already been taken into consideration. That being the position, we are of the considered opinion that the order passed by the Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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