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2015 (4) TMI 11

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..... :- No question of law arises in this matter. The ITAT has considered the issues, essentially on facts, in coming to the conclusion that the order of the CIT is not sustainable. It is sufficient to refer to some of the aspects regarding the impugned order passed by the ITAT. The ITAT noted that the fall in gross profit was examined by the Assessing Officer. The respondent/assesses' reply was co .....

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..... re of the respondent's business, namely, the construction business, the ITAT came to the conclusion, based essentially on facts that it was possible that the stock register was not maintained. Similarly, as regards the sundry creditors made possible in the current financial year, it was noticed that there was opening credit in the balance of the assessee and the copy of the accounts of the ass .....

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..... ear 2008-09. The assessment order is dated 16.08.2010, passed under Section 143(3) of the Act. The CIT proceeded under Section 263 of the Act, on the ground that according to him, the Assessing Officer did not examine the following issues: a) fall in G.P. rate; b) purpose of utilizsation of secured loan; c) non verification of issue of collateral securities in absence of any documentary .....

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..... ach of the items in sufficient detail. At the outset, we must mention that no question of law arises in this matter. The ITAT has considered the issues, essentially on facts, in coming to the conclusion that the order of the CIT is not sustainable. It is sufficient to refer to some of the aspects regarding the impugned order passed by the ITAT. The ITAT noted that the fall in gross profit was exam .....

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..... low that the respondent cannot raise a bank loan. In view of the nature of the respondent's business, namely, the construction business, the ITAT came to the conclusion, based essentially on facts that it was possible that the stock register was not maintained. Similarly, as regards the sundry creditors made possible in the current financial year, it was noticed that there was opening credi .....

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