TMI Blog2013 (1) TMI 429X X X X Extracts X X X X X X X X Extracts X X X X ..... see 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 Sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1,04,486 1,83,48,418 72,43,932 1999-2000 8.32% 1,73,17,216 2,49,90,576 76,73,360 Learned counsel for the petitioner argued that the issue before the Commission was in respect of cash credit entries amounting to Rs. 3,13,89,655/- and not the income derived from its business. An issue which was not raised by the Commissioner in his report nor such an issue was arising for consideration before the Commission, therefore, the same cannot be taken into consideration to return a finding that there was an undisclosed income only for the reason that the less gross profit rate was applied. It is contended that the proceedings before the Commission and proceedings for assessment are distinct and th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... b-section (4). The word consideration means an independent examination of the evidence and materials brought on record before the ITSC by the members and application of mind thereto with a view to independently assess the materials and evidence, whether adduced by the assessee-applicant or by the CIT and come to a conclusion by themselves.' The judgment in Brij Lal's case (supra), has no applicability to the facts of the present case. In the aforesaid judgment, Hon'ble the Supreme Court has discussed the scope of Section 245-C of the Act. 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 of the Act. Since, the material was available bef ..... X X X X Extracts X X X X X X X X Extracts X X X X
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