9911796707
TMI Blog2006 (12) TMI 83X X X X Extracts X X X X X X X X Extracts X X X X ..... sthan High Court dated August 25, 2004 in Income Tax Appeal No.80 of 2004. 3. Heard learned counsel for the parties and perused the record. 4. The facts of the case are in a short compass. The appellant assessee deals in precious and semi precious stones. In the course of assessment the Assessing Officer noticed the following defects in the books of accounts of the assessee : "1. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d voluntarily rate of 35 per cent. in its assessment for the assessment year 1997098. 7. M/s. Dhadda Exports, another assessee dealing in same items, but doing export business declared GP rate of 43.8 per cent. (even without considering the value of export incentives) in assessment year 1997-98." 5. Thereafter the books of accounts of the assessee were rejected by the Assessing Officer and he re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Gross Profit rate to 30 per cent. 9. The counsel for the assessee has submitted before us that the Income-tax Authorities wrongly held that appellant has shown bogus purchases, and the books of accounts were wrongly rejected. 10. In our opinion, whether there were bogus purchases or not, is a finding of fact, and we cannot interfere with the same in this appeal. As regards the r ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
