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TMI Blog2013 (9) TMI 744X X X X Extracts X X X X X X X X Extracts X X X X ..... and vouchers were not produced before him. He did not care to find out as to why the audit report cannot be believed before making additions. The Tribunal has rightly relied upon the judgment of Rajasthan High Court in CIT v. Gotan Lime Khanij Udhyog, [2001 (7) TMI 19 - RAJASTHAN High Court], in which it was held that it is not necessary that on restoring to best judgment assessment the Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the case, was the ITAT legally correct in its finding that the CIT (A)'s rightly applied the Net Profit rate of 1% on the estimated turnover disclosed by the Assessee and whether such a finding is sustainable in the eyes of law. 2. Whether on the facts and circumstances of the case, was the ITAT legally justified on merits in sustaining the deletion by CIT (A) of Rs.33,70,172/- which was ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sing every year. In the financial year 2004-05 gross profit was declared at 13.16%, in the year 2005-06 22.59%, and in the year 2006-07 relevant to the financial year in question, gross profit was shown as 32.91%. The cash net profit ratio was also progressively increasing. In the year 2004-05 cash net profit is shown at 6.81%, in the year 2005-06 at 11.94% and in the year 2006-07 at 22.51%. We ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shing a comparative table. On the question relating to the additions made by A.O. on account of Sundry Creditors of Rs.33,70,172/- is concerned, both the CIT (A) and the Tribunal have recorded findings that books of account give details party wise of such creditors and the Assessing Officer has failed to point out any specific name of party, which was found to be bogus. On the last question rela ..... X X X X Extracts X X X X X X X X Extracts X X X X
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