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2014 (8) TMI 1118 - HC - Income TaxInvoking provisions of Sec. 145(3) - trading addition - ITAT has come to a conclusion that in the immediate past assessment year, the ITAT itself had applied GP rate of 2.60% whereas in the present year under consideration, the GP rate has been declared as 4.85% - Held that:- ITAT, after analyzing the material on record and on appreciation of evidence, deleted the addition. The Officer, appearing on behalf of the revenue was unable to contend as to what are the distinguishing features in between the two assessment years i.e. immediate preceding year vis-a-vis the present year. He further failed to point out other/additional defects which were not in the assessment year 2007-08. The assessment for the assessment year 2007-08 has become final and attained finality as the officer was unable to point out as to whether further appeal was preferred by the Revenue before this Court or not. Thus, in our view, the ITAT has reached its conclusion on appreciation of evidence. Invoking provisions of Sec. 145(3) or making/non-making of trading addition is essentially a finding of fact and the Hon'ble Apex Court as well as this Court, in similar cases, have come to the conclusion that if the addition/deletion is on the basis of appreciation of evidence, then no question of law, much less substantial question of law, can be said to be involved in a case like this.
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