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2002 (2) TMI 35 - HC - Income Tax"Whether, Tribunal was correct in cancelling the orders under section 263 of the Income-tax Act for the assessment years 1977-78, 1979-80 to 1981-82?" - The assessee derives income from the business of contract and construction of roads and bridges. The assessment years involved are 1976-77 to 1981-82. The assessments were completed under section 143(3) read with section 148. Thereafter a notice under section 263 of the Act was issued by the Commissioner of Income-tax on December 24, 1982, to revise the assessment orders made by the Assessing Officer. - When the Assessing Officer after going through the material on record and after considering the explanation of the assessee, made some additions and rejected the books of account, it cannot be said that he has not applied his mind. In our view, it is not always necessary that every assessee in the line of business should have the same rate of profit. - When the Assessing Officer has considered all relevant material on record, it is basically a question of fact and it cannot be interfered with unless the finding of the Tribunal is found perverse. - we answer the question in affirmative, i.e., in favour of the assessee and against the Revenue.
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