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TMI Blog2016 (7) TMI 674X X X X Extracts X X X X X X X X Extracts X X X X ..... found by the Tribunal attributable to increase in turnover by more than 100% with prices of its products remaining stagnant due to increase in competition and no fall in prices of inputs/raw materials. Further, the finding of the Tribunal as recorded herein above in respect of the respondent assessee's accounts shows that it found as a fact that the accounts were correct and complete. In fact, even quantitative details were also mentioned. As the finding of the Tribunal in the impugned order is shown to be perverse or arbitrary, it does not call for any interference. - Decided against revenue - Income Tax Appeal No. 2427 of 2013 - - - Dated:- 20-6-2016 - M. S. Sanklecha And A. K. Menon, JJ. Mr. Arvind Pinto for the appellant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pondent assessee carried the issue in appeal to the Tribunal. The impugned order of the Tribunal in respect of rejection of books of accounts records a finding that the Assessing Officer has not produced any evidence to show any defects in maintaining the books of accounts on the part of the Assessee. In fact, it renders a finding that each and every detail has been kept by the assessee. Quantitative details of the opening as well as the closing stock are also maintained. It observes that the Assessing Officer and the CIT(A) have nowhere indicated any defect with regard to the purchase account, sales account and / or maintaining of the vouchers. 6. So far the the discrepancy in the valuation of gross profit ratio is concerned, the impugn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... son that the CIT(A) had in his order deleted the addition made on the above account and the Revenue has accepted it. This is evident from the fact that no appeal from it has been preferred by the Revenue to the CIT(A). So far as the other basis viz. fall in gross profit ratio is concerned, we find that the same is found by the Tribunal attributable to increase in turnover by more than 100% with prices of its products remaining stagnant due to increase in competition and no fall in prices of inputs/raw materials. Further, the finding of the Tribunal as recorded herein above in respect of the respondent assessee's accounts shows that it found as a fact that the accounts were correct and complete. In fact, even quantitative details were al ..... X X X X Extracts X X X X X X X X Extracts X X X X
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