2008 (7) TMI 389

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..... Dated:- 28-7-2008 - N. P. GUPTA and KISHAN SWAROOP CHAUDHARI JJ. Suresh Ojha for the appellant. JUDGMENT 1. Heard learned counsel for the appellant at length. 2. From a proper comprehension of the entire submission made by learned counsel, what we could make out is that he wants to assail the action in rejecting the books of account, while we do not find any error on the part o .....

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..... survived was, about the correctness of the rate of receipt, and gross profit, assessed by the learned authorities below, and as to whether the profit rate, as applied for the assessment year 1994-95, should have been adopted, or the rate applied in the year 1995-96 should have been adopted. In our view, all said and done, after rejection of books of account, it remains a matter of best judgment as .....

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..... efore the learned Commissioner, these grounds need not have detained the learned Tribunal. Then so far as ground No. 5 is concerned, regarding disallowance of depreciation, when we tried to go into the merits of this ground, learned counsel submitted that looking to the amount of depreciation disallowed, the ground is not of much seriousness, what is important is that the learned Tribunal should h .....

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