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2010 (1) TMI 796 - HC - Income TaxTribunal reversed the order of the CIT(A) without in any way discussing the findings reached by the said authority - Held that:- duty of the Tribunal to ascertain the reasons which were given by the Commissioner (Appeals) in whose order, the order of the Assessing Officer had merged before reversing the same, order passed by the Tribunal on this point is required to be quashed and set aside and the matter may be remanded to the Tribunal for deciding afresh. Tribunal fixed net profit rate at 4% - expenses claimed by the assessee are not open to verification in the absence of independent and third party vouchers - Tribunal come to the conclusion that net profit rate estimated by the Assessing Officer is on higher side and hence the same was restricted to the net profit rate to 4% after taking into consideration all the submissions made by the assessee - Held that:- Tribunal is supposed to deal with the finding recorded by the CIT (Appeals) and to give its own reasons as to why the said finding is not sustainable either on facts or in law, In absence of this exercise, the order passed by the Tribunal is not sustainable and matter is restored back to the Tribunal to decide it denovo.
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