TMI Blog2008 (9) TMI 93X X X X Extracts X X X X X X X X Extracts X X X X ..... pellant. JUDGMENT 1. The assessee has preferred this appeal under section 260A of the Income Tax Act, 1961 (in short, 'the Act') against the orders of Income-tax Appellate Tribunal, New Delhi, 'G' Bench in I.T.A. No.739/Del/2004 dated 29.6.2007 for the assessment year 1995-96, proposing to raise following substantial questions of law:- "1. Whether the Income-tax Appellate Tribunal was justified in concurring with the action of the Assessing Officer in disturbing the trading result without rejecting books of accounts under section 145 and more so when Income-tax Appellate Tribunal itself recorded in the last para of its order that proper books of Accounts have been maintained? 2. Whether the Income-tax Appellate Tribunal was jus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd in the process Churi and Chorma are obtained and sold in the market. The guar split dal is used as raw material for production of Guar Gum. The assessee filed return declaring Nil income on the basis of profit derived from 100% EOU exempt under section 10B of the Act. The Assessing Officer found that the assessee had transferred guar splits at the rate of Rs.825/- per quintal. The Assessing Officer asked the assessee to explain its claim showing sale of the said item at the rate of Rs.431/- per quintal as against normal rate which was higher. The Assessing Officer accordingly made addition on that account in the total income of the assessee. The Commissioner of Income-tax (Appeals) partly accepted the appeal of the assessee by applying t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uman conduct and public and private business, in their relation to the facts of a particular case. If any such presumption is justifiably raised, the assessee may be required to rebut the same. Thus, the Assessing Officer can, from the material on record, reject a particular claim in the return unless the decision of the Assessing Officer can be held to be without any basis or erroneous. The finding recorded by the Assessing Officer to the extent the same has been affirmed by the Commissioner of Income-tax (Appeals) as well as by the Income-tax Appellate Tribunal, unless shown to be perverse, will be a finding of fact. 7. In the present case, the finding recorded by the Commissioner of Income-tax (Appeals), to the extent the same has be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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