2015 (3) TMI 97

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..... the earlier years, the Department had accepted the turn over @ 0.6%. But the fact remains that during the assessment year under consideration, the quantum of turn over was higher so the Tribunal has rightly observed that the gross profit shown by the assessee @ 0.5% is justifiable. From the above, it is clear that addition was made on estimate basis. Needless to mention that the estimation is .....

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..... nt Year 1991-92. 2. On 18.7.2007, a coordinate Bench of this Court has admitted the appeal on the following substantial question of law:- (1) Whether total income can be reduced below the Returned Total income by the Income Tax Appellate Tribunal in an appeal. 3.The brief facts of the case are that during the assessment year under consideration, the assessee was a member of U.P. Stock E .....

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..... . It also appears from the record that in the earlier years, the Department had accepted the turn over @ 0.6%. But the fact remains that during the assessment year under consideration, the quantum of turn over was higher so the Tribunal has rightly observed that the gross profit shown by the assessee @ 0.5% is justifiable. 6.From the above, it is clear that addition was made on estimate basis. .....

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