9911796707
TMI Blog2019 (5) TMI 1210X X X X Extracts X X X X X X X X Extracts X X X X ..... CM APPL. 22333/2019 (for exemption) in ITA 480/2019 1. Allowed, subject to all just exceptions. ITA 476/2019 & CM APPL. 22332/2019 (for delay) ITA 480/2019 7 CM APPL. 22334/2019 (for delay) 2. The present appeal is directed against an order dated 29th December 2017 passed by the Income Tax Appellate Tribunal ('ITAT') in ITA No. 2291/DEL/2015 for the assessment year 2010-11 and 2011-12. 3. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nted upon. Their net profit ratio was found to be 10.72% as compared to 15.19% in the earlier AY. Likewise, the explanation offered for AY 2011-12 was also not believed and a similar addition was deleted. 5. The AO rejected the explanation offered by the Assessee stating that it maintained excise records and that the note of the auditor was only in respect of valuation. Invoking Section 145 of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, therefore, on an approximate basis, it could be spread over the goods produced. 8. The ITAT has also referred to the accounting standards and come to the conclusion that there was a valid explanation for the drop in the net profit ratio. 9. Having perused the impugned order of the ITAT, the Court finds that it deals essentially with the factual aspects after having perused the Auditor's repor ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
