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TMI Blog2013 (2) TMI 421X X X X Extracts X X X X X X X X Extracts X X X X ..... e previous years - this happened on account of increase in production cost and marginal increase in sale price of cloths – Further Tribunal relied upon the orders of other persons in the group of the assessee firm where identical issue had arisen for its consideration and where it reduced the addition to 60% - In absence of any possibility of verification in connection with purchases, sales, consu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... finalized declaring income of the assessee at Rs.61,89,040/- by making an addition of Rs.29,19,650/- on account of low gross profit. 2. The assessee challenged it before CIT(Appeals) which confirmed the amount in its entirety and dismissed the appeal by its order dated 19.12.2006. 3. When challenged before the Tribunal, it confirmed 60% of the amount added by the Assessing Officer by its orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax (Appeals)-II, Surat, without assigning any cogent and relevant reasons? 4. Heard learned Senior Counsel Mr. M.R. Bhatt for the Revenue although the issues proposed are more than one, the central question is restricted to addition made by the Assessing Officer. The Tribunal in its order notes a drastic fall in the gross profit as compared to the previous years. According to the assessee respo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n only upto 60. 5. The issue is purely factual in nature. The Tribunal gave very sound reasonings to conclude while making addition to an extent of 60% to in the income of assessee. Both the adjudicating authorities concurrently chose to add substantial amount sustaining 60% of the amount added by the Assessing Officer on the basis of the gross profit with cogent reasons. There is hardly any q ..... X X X X Extracts X X X X X X X X Extracts X X X X
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