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TMI Blog2013 (3) TMI 176X X X X Extracts X X X X X X X X Extracts X X X X ..... ppeal merely by observing that while deciding the appeal of revenue the stand of the CIT (Appeal) has been upheld. The appellant's contention that the net profit at 2.5% could not have been applied by CIT (Appeal) was required to be decided by the ITAT and the appellant's appeal could not have been dismissed summarily on the basis of the decision in revenue's appeal without dealing with the appell ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the case, ITAT is justified in dismissing the appellant's appeal in a summary manner? 2. With the consent of the parties, the matter is finally disposed of. 3. The appellant claims to have been engaged in the business of trading of Soyabean, Maize and Wheat. He is regularly assessed to Income Tax. He submitted his return of income for the Assessment Year, 200203 declaring total income at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . apply net profit rate of 2.5% on the turnover of Rs.7 Crores disclosed by the appellant. 5. The said order passed by CIT (A) was challenged by the appellant by filing further appeal before the Income Tax Appellate Tribunal, (for short the ITAT). In the appeal, the appellant challenged the application of net profit rate of 2.5% as determined by CIT (Appeal). The order of the CIT (Appeal) was al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... el for the petitioner argued that the order passed by the ITAT dismissing the appellant's appeal in summary manner is wholly arbitrary and unjustified. According to him, even while deciding the revenue's appeal though it was recorded by the ITAT that net profit for the preceding 4 accounting years was 0.21%, 0.26%, 0.23% and 0.21% respectively still the ITAT failed to decide as to how CIT (Appeal) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... equired to be decided by the ITAT and the appellant's appeal could not have been dismissed summarily on the basis of the decision in revenue's appeal without dealing with the appellant's contention. It is evident from the order of ITAT that while deciding revenue's appeal also the said question of applying of net profit rate at 2.5% was not dealt with by it. 9. In the circumstances, we answer th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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