1987 (1) TMI 76

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..... cision of the Tribunal confirming the gross profit rate of 12% contrary to the evidence and material on record, especially the agreements between the assessee and other pharmaceutical companies, bills, correspondence, etc., whereby it was established that the assessee could get a profit between 5% and 7% only ? " The assessee deals in medicines. He sells products manufactured by different manuf .....

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..... companies were produced on record, agreements entered into with the other companies were not produced. Further appeal was carried to the Income-tax Appellate Tribunal. On the date of hearing, none appeared for the appellant. There was an application for adjournment but it came to be rejected. The Income-tax Appellate Tribunal quoted part of the order of the Appellate Assistant Commissioner and obs .....

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..... l non-application of mind to the relevant material on record and that the decision of confirming gross profit rate at 12% is contrary to the evidence. He also made a correct grievance that the rehearing was treated merely as formality. Neither the points urged nor the documents produced find even a passing, reference in the order passed by the Tribunal. At first blush, the question would appear to .....

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