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TMI Blog2017 (3) TMI 90X X X X Extracts X X X X X X X X Extracts X X X X ..... ference of this Court. It is required to be noted that on the basis of the material on record, the learned tribunal has estimated net profit at 5%. - Decided against revenue - TAX APPEAL NO. 39 of 2017 With TAX APPEAL NO. 40 of 2017 TO TAX APPEAL NO. 43 of 2017 - - - Dated:- 21-2-2017 - MR. M.R. SHAH AND MR. B.N. KARIA, JJ. FOR THE APPELLANT : MRS MAUNA M BHATT, ADVOCATE FOR THE OPPONENT : MR BS SOPARKAR, ADVOCATE ORAL ORDER (PER : HONOURABLE MR.JUSTICE M.R. SHAH) 1.00. As common question of law and facts arise in this group of appeals and as such the are with respect to same assessee but with respect to different assessment years, all these appeals are decided and disposed of by this common order. 2.00. Feel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orded transaction in respect of both the parties. A statement of one Mr.Sanjay Murlidhar Joshi, Sales Manager at Haryana Glass Sheet Ltd. from whose possession the documents were recovered was recorded on 23/9/2003 and he confirmed the authenticity of the documents and stated that the said documents contained the actual details of business carried out by the assessee during the period on which the group firm namely M/s. Sagar Glass Enterprise had been associated with the business activity of the assessee. 3.02. The assessee filed return of income for the A.Y. 2001-2002 declaring total income of ₹ 12,37,087/-. Subsequently, a survey under section 133A of the Act had been carried out on 18/12/2006 and the assessment in A.Y. 2001-2002 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cepted the same. Therefore, the CIT(A) adopted net profit at 8% of the total turnover / sales on estimate profit earned by the assessee on record as well as unrecorded. 3.05. Feeling aggrieved and dissatisfied with the order passed by the learned CIT(A), both, the assessee as well as the revenue preferred appeals before the learned tribunal being Appeal Nos.247/2010 and 667/2010. On considering the particulars mentioned in Annexure-A-7 as well as net profit determined by the Settlement Commission of Central Excise, which was also based on Annexure-A-7, and considering the fact that even the Settlement Commission arrived at the net profit at 5%, by the impugned judgement and order the learned tribunal has adopted / determined net profit a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... requested to admit / allow the present appeals. 5.00. All these appeals are opposed by Mr.B.S. Soparkar, learned advocate appearing on behalf of the assessee. It is submitted that in the facts and circumstances of the case, as such, no substantial question of law arise as sought to be contended on behalf of the revenue. It is submitted that considering the material on record when the learned tribunal, by giving cogent reasons, has determined the net profit, it can be said to be a question of facts and therefore, no substantial question of law arise. It is submitted that even otherwise on merits also, it cannot be said that the learned tribunal has committed any error in determining the net profit at 5%. It is submitted that considering ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... asis of the material on record, the learned tribunal has estimated net profit at 5%. The estimation of net profit on the basis of the material on record is, as such, can be said to be a question of facts. When on appreciation of material on record, the learned tribunal has estimated net profit, unless any perversity is found, it cannot be said to be any question of law. Even considering Annexure-A-7 and taking mean of the same, net profit would be worked out to 5%. Considering the overall facts and circumstances of the case it cannot be said that any substantial question of law arise in the present appeals. 7.00. In view of the above and for the reasons stated above, all the appeals fail and the same deserve to be dismissed and are accor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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