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TMI Blog2015 (6) TMI 462X X X X Extracts X X X X X X X X Extracts X X X X ..... ating the net profit @ 5% and that the evidence of supplies were otherwise forthcoming. In these circumstances, the ITAT refused to interfere after knowing that the net profit rate had been reduced by the CIT(Appeals). This Court holds that no substantial question of law exists.- Decided against revenue. - ITA No. 317/2015 - - - Dated:- 22-5-2015 - Ravindra Bhat And R K Gauba,JJ. For the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e CIT(Appeals), after considering the submissions of the parties held as follows : It is noted that the appellant filed the copies of account books of the appellant on the demand of the Assessing Officer and filed the confirmations of the building material suppliers who furnished their addresses and PANs. The appellant had made payments against the purchases invariably by means of account pay ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ach of the preceding two years. The few and short objections listed by the Assessing Officer in the assessment Order have been effectively answered by the appellant in his detailed submission. The Assessing Officer has not pointed out any discrepancies and infirmities in the account books of the appellant. In view of the facts and circumstances of the case and judicial pronouncements relied upon b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cords, including the finding of the CIT(Appeals) that no rationale was shown for estimating the net profit @ 5% and that the evidence of supplies were otherwise forthcoming. In these circumstances, the ITAT refused to interfere after knowing that the net profit rate had been reduced by the CIT(Appeals). This Court holds that no substantial question of law exists. The appeal is therefore dismissed. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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