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TMI Blog2009 (1) TMI 97X X X X Extracts X X X X X X X X Extracts X X X X ..... llant. None for the Respondent. ORDER SMT. JUSTICE ABHILASHA KUMARI - The Appellant-Revenue has filed the present Appeal challenging order dated 14.08.2007, made by Income Tax Appellate Tribunal, Ahmedabad Bench 'B' in ITA No.2095/Ahd/2003, whereby the Cross Appeals filed by the assessee and the revenue have been dismissed, by proposing the following questions : [i] Whether, on the facts and in the circumstances of the case and in law, the Income Tax Appellate Tribunal is right in coming to the conclusion that the Assessing Officer has committed a mistake in rejecting the books of account and estimating the net profit @ 8% as per the provisions of Section 44AD of the Income Tax Act? [ii] Whether, on the facts and in the cir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ommissioner of Income Tax (Appeals)-II, Surat and, vide order dated 10.03.2003, the same was partly allowed, with a direction to the Assessing Officer to determine the taxable income of the assessee by applying the rate of net profit @ 4% instead of 8%. The assessee and the revenue, both being aggrieved by order dated 10.03.2003 passed by Commissioner (Appeals), preferred Cross Appeals before the Income Tax Appellate Tribunal, Ahmedabad being ITA No. 2095/Ahd/2003 by the assessee and ITA No. 2796/Ahd/2003 by the revenue, which have been dismissed by common order dated 14.08.2007, impugned herein. 5. Heard Mr. B.B.Naik, learned Counsel for the Appellant. It is submitted that the Tribunal is in error in coming to the conclusion that the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ding has been recorded to the effect that the Assessing Officer has committed a mistake in rejecting the Books of Account. In fact, there is no such finding. When rate of net profit is applied all the expenses are taken into consideration. Both Commissioner (Appeals) and the Tribunal have only revised the estimate of rate of net profit. The Tribunal has considered the arguments advanced by both sides, as well as material placed on record, and has arrived at the conclusion that the order of Commissioner (Appeals) is a detailed and elaborate one. In other words, the Tribunal is convinced that the Commissioner (Appeals) has applied his mind to the evidence on record and has arrived at his findings on the basis of the same. 7. Insofar as th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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