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2015 (7) TMI 951 - HC - Income TaxUnexplained purchases - ITAT directing the estimate of addition as made by the CIT(A) be further reduced to 10% of the alleged purchases - Held that:- It is non speaking and non reasoned order and as such no reasons have assigned while restricting the disallowance to 10% of the unexplained purchases. Therefore, as such the matter is required to be remanded. However, instead of remanding the matter to the learned ITAT considering the request made by the learned counsel for the respective parties, on merits we ourselves have considered the matter on merits and on the basis of admitted facts. It has come on record and it is not disputed by the Revenue that in the case of assessee GP rate was higher compared to the subsequent assessment year. The GP disclosed at the rate of 1.11% by the assessee is satisfactory as compared to AY 200001 where the GP was of 0.98%. Under the circumstance, in the peculiar facts and circumstance and considering the decision of the Division Bench of this Court in the case of Simit P Sheth (2013 (10) TMI 1028 - GUJARAT HIGH COURT) where this Court confirmed the final order passed by the learned ITAT restricting the disallowance to 10% of the unexplained purchases, though not approving the method and manner in which the learned Tribunal has decided the appeal, however on merits and in the peculiar facts and circumstances narrated herein above, we confirm the ultimate final order passing by the ITAT. Consequently, present Tax Appeal is dismissed. - Decided against assessee.
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