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2011 (4) TMI 80 - CALCUTTA HIGH COURTSearch and seizure - Estimation of income - G.P. Rate - It appears that the Commissioner of Income-tax (Appeals) came to the finding that there was no basis of the estimation of the Assessing Officer - If those estimates are found to be frivolous or not genuine, the Assessing Officer is free to arrive at his own finding regarding the gross profit rate but that must also be arrived at based on some authentic materials - As an assessing authority, it was the duty of the authorities below to consider the chart of the assessee and to examine its genuineness and for that reason, could also ask the assessee to produce evidence in support of the chart - It is settled law that if a finding of fact is perverse and is based on no evidence, it can be set aside in appeal even though the appeal is permissible only on substantial question of law - Decided in the favour of the assessee by way of remand
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