2017 (2) TMI 1366

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..... Shri Aloke Kumar and Shri G.P. Srivastava, learned counsel for the respondent. This appeal has been filed by the department under Section 260A of the Income Tax Act, 1961 against the order passed by the Tribunal dated 05.03.2012 for the assessment year 2004- 05. The questions of law sought to be answered by the order of this Court dated 24.07.2012 are as hereunder: (B). Whether the Income Tax A .....

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..... Tribunal it was contended on behalf of the assessee that in the period prior to the year under consideration, the assessee company had undertaken job work in its unit of dyeing house whereas during the year under consideration it has switched over to the sale of dyed cloth resulting in a fall gross profit rate. The Tribunal while dealing with this issue has extensively examined the contention rais .....

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..... missions by appellant as also the Assessing Officer himself having admitted in the questionnaire dated 22/12/2006 reproduced at internal page 3 of the assessment order that the aforesaid receipts are earned by way of business activity, the same thus are found to have a nexus with the business income estimated by the application of gross profit rate. The telescoping thereof accordingly is directed .....

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