TMI Blog2006 (8) TMI 679X X X X Extracts X X X X X X X X Extracts X X X X ..... proposing following substantial questions of law:- (i) Whether the learned ITAT has any material on record to observe that any discrepancy has been found in the stock as on the date of survey? (ii) Whether the learned ITAT is justified to uphold the addition of ₹ 80,000 observing that it is being made on agreed basis, despite the fact that the counsel for the assessee who argued the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sh, which amount was included in profit and loss account of the firm at the time of filing of the return. In the pre-survey period, the GP rate was 18% of the sales but in the post-survey period, the same was shown as 17.73%. On the basis of comparative study, GP rate of 18.5% was applied. Before the Tribunal, taking into account totality of facts, addition of ₹ 80,000 was sustained, was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rder of the Tribunal, which the assessee never disputed before the Tribunal. 3. Following observations of Hon'ble the Supreme Court of India in Shankar K. Mandal v. State of Bihar, [2003] 9 SCC 519 throw light on this legal issue:- 10. It is not open for the appellants to take such stand before this Court, as they are bound by the observations of the High Court. If there was any wrong re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r is still fresh in the minds of the Judges, to call the attention of the very Judges who have made the record. That is the only way to have the record corrected. If no such step is taken, the matter must necessarily end there. It is not open to the appellant to contend before this Court to the contrary. (P. 527) 4. In view of the fact that the assessee agreed to the said addition before the Tr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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