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2011 (11) TMI 764 - HC - Income TaxEstimating the additional gross profit at 4.9% - ITAT deleted the addition - Held that:- Assessing Officer compared profits of the assessee with the comparable cases in the market where the profits of persons engaged in export of diamond was high. The Tribunal has recorded a finding of fact that in the assessment year in question, the gross profit has increased compared to the gross profit in the earlier years. The Tribunal has recorded finding that the assessee has maintained the carat wise stock register which is the regular practice prevalent in the diamond trade. The Tribunal has recorded a finding of fact that in the present case, the books of account maintained by the assessee could not be rejected without pointing out defects, if any, especially when the books maintained to the same effect in the earlier years have been accepted by the Revenue. No fault can be found with the decision of the ITAT.
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