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TMI Blog2013 (10) TMI 654X X X X Extracts X X X X X X X X Extracts X X X X ..... c addition in the income of the Assessee was made because of low Gross Profits declared by the Assessee - the questions framed by the Assessee are only questions of facts and details - these are not questions of law much-less substantial questions of law - An appeal under Section 260-A of the Act, is entertainable only on substantial questions of law - Since no question of law arises for an answer, the appeal is dismissed – Decided against Assessee. - IT Appeal No. 295 of 2012 - - - Dated:- 29-7-2013 - Rajive Bhalla And Dr. Bharat Bhushan Parsoon, JJ. For the Appellant : Pankaj Jain. ORDER:- PER : Dr. Bharat Bhushan Parsoon This appeal under Section 260-A of the Income Tax Act, 1961 (hereinafter to be referred to as, "the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plication of jurisdiction', without invoking the Provisions of Section 145 of the Income Tax Act, 1961?; and 2. Whether under the facts and circumstances of the case, the Tribunal conclusions are unreasonable and dehors to the 'material on record', being even in-apposite the assessment order and CIT (A) order?" Plea of Assessee 5. Exploring that though there is increase in the business but there is decline in the Gross Profits, consistent case of the Assessee is that the Gross Profits rate in the year under assessment has decreased from 7.64% to 5.91% for the following reasons:- (i) Average realization per Dollar in the year under assessment was at the rate of 39.70 while in the preceding year it was 44.71; and, (ii ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee was made by the Income Tax Authorities at different levels, it was found that primarily there were three components in the trading account of the Assessee for total assessment of the stock and these were opening stock, purchases and production during the year. These items differed in their value for each assessment year. 10. On the other hand, there is consolidated sale of rice and by-products. It was found that the stock register maintained by the Assessee neither had quality-wise details of the paddy and rice nor such details of by-products viz nakku, chhilka, dobar, tibar and broken rice etc were available. As already mentioned the Assessee conceded that it is not possible to maintain qualitywise details of all the items. 11. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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