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TMI Blog2016 (10) TMI 931X X X X Extracts X X X X X X X X Extracts X X X X ..... Heard Sri Nikhil Agrawal, learned counsel for the appellant and Sri Gaurav Malviya, learned counsel for the Department. This is an Income Tax Appeal filed by the assessee against the order dated 9th April, 2008, passed by the Income Tax Appellate Tribunal, Allahabad Bench, Allahabad, in Income Tax Appeal No.305 (Alld.)/2007 arising out of the proceedings under Sections 143(3) and 145(3) read with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f accounts and the declared gross profit having been accepted in the previous years, the learned Income Tax Appellate Tribunal as well as the lower authorities were not legally justified in applying the provisions of Section 145(3) of the Income Tax Act? (III) Whether, in view of the facts that the Rupee has become stronger as against the dollar in the relevant year under consideration over the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deration merely on the basis of surmises and conjectures? The impugned order, passed by the Tribunal for the Assessment Year 2004-2005, is on record of this case in Paragraph Nos. 5, 6 and 7 at Page Nos. 10 & 11, which are hereunder:- "5. We heard both the parties at length and gone through the material available on record. From the records, it appears that during the assessment year under cons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thorities and keeping in mind the doctrine of equity, justice and good conscience, we estimate the G.P. rate without duty draw back @ 15.5% for the assessment year under consideration. Thus the assessee will get partial relief from the orders of the lower authorities." When the Tribunal have itself recorded the value of the dollar and have come down in the given year then the G.P rate too should ..... X X X X Extracts X X X X X X X X Extracts X X X X
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