Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (1) TMI 429 - HC - Income TaxApplication for settlement of cases - grievance on application of 12% gross profit rate on the ground that such gross profit rate could be applied during the course of the assessment and cannot be made part of settlement, when the same was not an issue raised by the CIT in his report submitted in terms of Rule 9 of Rules - Held that:- No doubt, the CIT in his report under Rule 9 of the Rules, has not referred to gross profit rate applied by the petitioner as an objection for the settlement but the fact remains that the Commission has found that the rate of profit adopted by the assessee was in fact leading to undisclosed income and thus made an addition on the basis of the information submitted by the assessee. In fact the order passed by Delhi High Court in M/s Godwin Steels Pvt. Ltd [2012 (3) TMI 102 - DELHI HIGH COURT] negates the arguments raised by the petitioner wherein court held that the Commission has to consider the material brought on record before it and that consideration means independent examination of the evidence and the material on record. The judgment in Brij Lal's case (2010 (10) TMI 8 - SUPREME COURT) has no applicability to the facts of the present case as there is no finding that the gross profit ration can be applied only during the assessment proceedings and not in the proceedings under Section 245-C - no interference in exercise of the writ jurisdiction of this Court as a part of the process of judicial review required.
|