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TMI Blog2015 (1) TMI 396X X X X Extracts X X X X X X X X Extracts X X X X ..... ediately preceding year, which was destroyed in 1998 flood, it cannot be said that the assessee offered no explanation or no evidence in support of his case. On the contrary, the assessee has given the fullest details available with him in respect of profit and loss account for the year under consideration. We are, therefore, of the opinion that the AO was not justified in making the addition of ₹ 5,33,633/- and the CIT(A) as well as the Tribunal erred in confirming the same. - Decided in favour of the assesse. - TAX APPEAL NO. 377 of 2004 - - - Dated:- 9-12-2014 - MR. KS JHAVERI AND MR. K.J.THAKER, JJ. FOR THE APPELLANT : MR JP SHAH, ADVOCATE, MR MANISH J SHAH, ADVOCATE FOR THE RESPONDENT : MR SUDHIR M MEHTA, ADVOC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g year and the accounting year in question? 4. Mr. Shah, learned Advocate for the appellant-assessee, submitted that the Tribunal committed a grave error in dismissing the appeal of the assessee, inasmuch as it failed to appreciate the fact that the books were audited and no defect was found, therein, which would attract the provisions of Section 145 of the Act. He, further, submitted that even for the sake of argument it is believed that Section 145 of the Act is applicable, then, also the gross profit rate of 10.47 per cent, which was more than the gross profit rate of the immediately preceding year, i.e. 9.7 per cent, ought to have been applied in the case of the assessee. He, then, submitted that the concerned AO did not show even a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oi 51,579, 1,00,974 Up 5 Schedule 17 Power Fuel 8,43,040 5,30,480 Down 6 Schedule 18 Payment to Employees 11,34,870 6,64,907 Down 7 Schedule 19 Postage Telephones 1,302, 45386 Up 8 Schedule 19 Printing Stationery 2,902, 20386 Up 9 Schedule 19 Legal Professional Fees 2,500, 17540 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 22.11.95 rajkumar freight forwarde bill No. 108 JVAC 72090.00/- 23.11.95 Balance b/f rajkumar freight forwarde bill No. 107 JVAC 78615.00/- 08/12/95 Balance b/f rajkumar freight forwarde bill No. 130 JVAC 15526.00/- 09/12/95 Balance b/f rajkumar freight forwarde bill No. 131 JVAC 15.01.96 Balance b/f rajkumar freight forwarde bill No. 141 JVAC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fered no explanation or no evidence in support of his case. On the contrary, the assessee has given the fullest details available with him in respect of profit and loss account for the year under consideration. We are, therefore, of the opinion that the AO was not justified in making the addition of ₹ 5,33,633/- and the CIT(A) as well as the Tribunal erred in confirming the same. This appeal, hence, deserves to be allowed. 10. In the result, this appeal is ALLOWED. The order of the Tribunal, Dated: 21.01.2004, is quashed and set aside and we answer the question, i.e. Whether in the facts and in the circumstances of the case, the Tribunal was justified in law in confirming the disallowance of ₹ 5,33,633/- on the basis adopted ..... X X X X Extracts X X X X X X X X Extracts X X X X
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