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TMI Blog2022 (8) TMI 965X X X X Extracts X X X X X X X X Extracts X X X X ..... Appellate Authority in the appeal proceedings. The material was appreciated and therefrom the Commissioner of Income Tax (Appeals) could justify fall in the gross profit. The addition was accordingly directed to be deleted by the Appellate Authority and was confirmed by the Tribunal. The finding recorded based on appreciation of materials and documentary evidence are in the realm of finding of fact. No substantial question of law. X X X X Extracts X X X X X X X X Extracts X X X X ..... proceedings to make further submission on the assessee's claim before the Ld. CIT(A) and therefore, the order of the Hon'ble ITAT is perverse ? 3. The respondent assessee company filed its e-return on 28.09.2010 for the Assessment Year 2010-2011. The Assessment was finalised on 14.3.2013 under section 143(3) of the Income Tax Act, 1961. The Assessment Officer made addition of Rs. 4,87,61,536/- in the total income treating such amount chargeable to income tax. 3.1 The Assessing Officer found that in the year under consideration, the manufacturing and trading activity had plummeted compared to the previous years. In the Assessment Year 2008-2009, the manufacturing activity was 3.21% which jumped to 15.53% in the Assessment Year 2009-2010. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Appellate Authority. The Appellate Authority was therefore satisfied on the basis of such material to observe in its order as under, "...it is clear that appellant furnished all the relevant details as mentioned by the AO and produced the complete books of account during the assessment proceedings. The appellant has filed the copy of letter dated 8.3.2013, submitted to AO during assessment proceedings, wherein at page-8 of Exhibit-A, appellant has clearly mentioned that complete books of account, alongwith excise records, were produced before AO. On the same page, it is also mentioned that the appellant maintained quantitative records of goods, both manufacturing and trading, and such records have been audited by excise authorities als ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. When the Revenue preferred appeal before Income Tax Appellate Tribunal, the Tribunal concurred with the findings recorded by the Commissioner of Income Tax (Appeals). The Tribunal noted the observations in paragraph No.5 of the appellate authority in the order and confirmed the findings recorded by the Appellate Authority taking the view that provisions of section 145(3) of the Act were not applicable and fall in the gross profit was explained as turnover during the year also had increased from Rs. 14 crores to 38 crores. It was further noted that similarly in the Assessment Year 2012-2013, gross profit dropped from 2.19% to 1.41%. The Tribunal also recorded that any defect in the maintenance of the Books of Accounts was not found. There ..... X X X X Extracts X X X X X X X X Extracts X X X X
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