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TMI Blog2004 (8) TMI 35X X X X Extracts X X X X X X X X Extracts X X X X ..... 25 per cent. on the total sales and made an addition - A perusal of the order of the Tribunal shows that rejection of books of account is not based solely on the absence of stock registers. It has been observed that no quantity-wise details had been maintained and as such it was not possible to compare the input with the output. It was also noticed that the sales at the retail counter were being ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bunal, Chandigarh Bench, Chandigarh (for short "the Tribunal"), dated December 16, 2003, relating to the assessment year 1996-97. The assessee derives income from manufacturing and sale of sweets and snacks. For the assessment year 1996-97, he filed his return declaring an income of Rs. 3,96,720. The Assessing Officer noticed that the assessee had failed to supply item-wise details regarding cons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e circumstances, the Assessing Officer rejected the books of the assessee by invoking the provisions of section 145(2) of the Income-tax Act, 1961 (for short "the Act"), and applied a GP rate of 25 per cent. on the total sales of Rs. 43,86,556. Accordingly, he made an addition of Rs. 1,09,817. Aggrieved by the order of the Assessing Officer, the assessee preferred an appeal before the Commissione ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompare the input with the output. It was also noticed that the sales at the retail counter were being conducted on the basis of small slips in place of regular sale bills and the accounts were audited on the basis of slips only. These defects coupled with the low gross profit rate as compared to the gross profit rate applied in the earlier years, the Tribunal was of the view that the books of acco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 260A of the Act, this court normally does not interfere by substituting its own estimate in place of the one of the Tribunal unless it is shown that the estimate of the Tribunal could not possibly be reached. Thus, we are satisfied that the findings recorded by the Tribunal are pure findings of fact and do not give rise to any substantial question of law for interference by this court. The appea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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