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2015 (8) TMI 424 - PUNJAB AND HARYANA HIGH COURT

2015 (8) TMI 424 - PUNJAB AND HARYANA HIGH COURT - TMI - Non production of books of accounts - gross profit rate on estimate basis of information available on record and while making best judgement - AO only on the ground that the books had not been produced adopted a rate of 20% - Held that:- The CIT (Appeals) and the Tribunal rightly observed that there was no incriminating evidence against the respondent and no comparable cases had been cited for arriving at the GP rate of 20% to 22%. A judge .....

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e should be accepted - Decided against revenue. - ITAs-192-204-224-225-2015 - Dated:- 3-8-2015 - MR. S.J. VAZIFDAR AND MR. G.S. SANDHAWALIA, JJ. For The Appellant : Mr. Rajesh Sethi, Advocate, S.J. VAZIFDAR, A.C.J. (ORAL) These appeals are against a common order dated 31.10.2014 passed by the Income Tax Appellate Tribunal in respect of the four assessment years i.e. 2005-2006, 2006-2007, 2007-2008 and 2008-2009 respectively. 2. The appellant contends that the following substantial questions of l .....

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hether ITAT has erred in law by holding that gross profit rate declared by the assessee should be accepted whereas such gross profit rate had no basis? (iii) Whether the impugned order dated 31.10.2014 passed by ITAT is neither sustainable in the eyes of law nor maintainable in the facts and circumstances of the case and is perverse in nature? Similar questions of law had been raised in respect of all the assessment years. 3. A search was conducted under Section 132 of the Income Tax Act, 1961 o .....

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