9911796707
TMI Blog2008 (3) TMI 251X X X X Extracts X X X X X X X X Extracts X X X X ..... ate would come to 12.94% - CIT (A) was justified in holding the deposits in the bank accounts as sale proceeds - CIT (A) was justified in applying GP @ 12.94% in respect of unrecorded sales – order of ITAT is justified - revenue appeal dismissed - 595 of 2007 - - - Dated:- 11-3-2008 - SATISH KUMAR MITTAL and RAKESH KUMAR GARG JJ. Vivek Sethi, Advocate, for the appellant. JUDGMENT The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Income Tax Act, 1961? 2. It is pertinent to mention here that vide aforesaid order passed by the ITAT, two appeals i.e. ITA No.259/Chandi/2000 filed by the assessee for the Assessment Year 1990-91 and ITA No.551/Chandi/1999 filed by the revenue for the Assessment Year 1991-92, were disposed of by a common order as in both the appeals identical question of facts and law was involved. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nto consideration the material available on the record showing that the consideration of the goods returned was Rs.2,59,756/- and if the said amount is reduced, then the GP rate would definitely come to 12.94%. The said finding of fact has further been upheld by the Income Tax Appellate Tribunal while observing as under:- "17. After considering the rival submissions and the material available on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e proceeds for the purpose of initial investment and also to increase the same by the applying GP rate of 12.94%. Considering the totality of the facts as discussed herein above, we do not see any valid ground to interfere with the findings of the Ld. CIT(A)." 5. In view of the aforesaid finding of fact recorded by the Commissioner of Income Tax (Appeals) and the Income Tax Appellate Tribunal, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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