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TMI Blog2017 (6) TMI 1252X X X X Extracts X X X X X X X X Extracts X X X X ..... Kumar Mathur JJ. For the Appellant(s) : Mr. Ajay Gupta For the Respondent(s) : Mr. K.D. Mathur for Mr. R.B. Mathur JUDGMENT 1. By way of this appeal, the appellant has challenged the judgment and order of the Tribunal whereby the Tribunal has allowed the appeal of the Department and finding of the CIT(A) was reversed. 2. While admitting the appeal, this Court framed the following substantial question of law: (1) Whether in the facts and circumstances of the case, the learned ITAT was justified in confirming the addition of ₹ 44,69,740/- in manufacturing and trading result? (2) Whether in the facts and circumstances of the case, the learned ITAT was justified in confirming the rejection of books of acc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ered in favour of the assessee. 6. Counsel for the respondent Mr. K.D. Mathur, has taken us to the order of Tribunal in paragraph 3, where it observed as under: No comparable case has been brought on record for estimation of income. Therefore in such circumstances and facts of the case the past year s results in assessee s own case are the best guide which has rightly been followed by the AO. The ld. CIT(A) is not justified in reversing the decision of the AO. The application of decision of Hon ble High Court of Rajasthan in the case of Gotan Lime Khaniz Udyog 256 ITR 243 by the ld. CIT(A) is not applicable in the present circumstances and facts of the case where the ld. CIT(A) on one hand does not uphold the application of section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be assigned to it and therefore gross margin in bound to fluctuate. 4) During the year under consideration, inspite of recession in the global market the price of raw material and finished, semi precious stones in the local market did not see any reduction either in terms of value or in terms of labour rates largely due to demand created by the new local small exporters. 5) The strength of the local currency vis-a-vis foreign currency is also an important factor in determining the sale value and gross margin . 8. Thereafter the AO decided all the questions and observed as under: In view of the above discussion and considering the total turnover G.P. declared by the assessee during the proceedings F.Y., the sales are ..... X X X X Extracts X X X X X X X X Extracts X X X X
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