TMI Blog2007 (10) TMI 372X X X X Extracts X X X X X X X X Extracts X X X X ..... authority found that the gross profit as per the computer data on the date of survey was nowhere near the profit shown to the Department. Considering the same, the assessing authority went in for comparable cases, where the gross profit rate was admitted to be around at 4 per cent. to 6 per cent. and proceeded to estimate the gross profit of the assessee at 4 per cent. as against the gross profit disclosed by the assessee at 2.77 per cent. Commissioner (Appeals) and Tribunal confirm the order of assessing authority. Held that- Tribunal rightly confirmed the findings on fact. As the issue involved was one of fact, it could not be interfered with. - 1304 of 2007 - - - Dated:- 4-10-2007 - K. RAVIRAJA PANDIAN AND MRS. CHITRA VENKATRAMAN JJ. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble Further, it was also stated at the time of survey, It was found that the accounts were maintained in the computer and as against the various entries posted in the computer primary evidence in the form of vouchers or receipts were not available. Further, it was also stated at the time of survey that an accounting data entry operator was working on the computer, but no accounts were produced before the assessing authority. It is stated that no documents were produced before the assessing authority even on the next day of survey or within a reasonable time of 15 days either in the correct computerized format or manual accounts with relevant primary evidence. Hence, the Assessing Officer took the view that the print out of account books wer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed out to 5.157 percent. and in the case of M/s. MRL Agencies it worked out 5.872 per cent. and there was difference of .715 per cent. It was found that the contention of the assessee to ignore the aforesaid difference of .715 per cent. might not be of much help to the assessee on the ground that the appellant has several advantages over the other comparable cases. In these circumstances, the Commissioner of Income-tax (Appeals) confirmed the order of the assessing authority and thereby dismissed the appeal. 4. The assessee went on further appeal before the Income-tax Appellate Tribunal, who after confirming the order of the Commissioner of Income-tax (Appeals) came to the conclusion that there was no infirmity in the order of the autho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r had pointed out categorically that the accounts of the assessee had not been maintained regularly and properly supported by basic materials. The survey was conducted in the fag end of the accounting year only to point out that the statutory accounts maintained in the company were incomplete or not updated for several months. The books of account were incomplete. Huge discrepancies were noticed during the survey which remained unexplained. There were no contemporary evidence to support the data produced at the time of survey. Consequently, the Assessing Officer went for comparison of cases similar to that of the assessee and ultimately came to the conclusion that the gross profit admitted by the assessee at 2.77 per cent. could not be acce ..... X X X X Extracts X X X X X X X X Extracts X X X X
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