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2016 (1) TMI 320 - PUNJAB AND HARYANA HIGH COURT

2016 (1) TMI 320 - PUNJAB AND HARYANA HIGH COURT - [2016] 387 ITR 172 - Addition made by the AO on account of surrender originally made during the survey proceedings to cover discrepancies found in cash in hand, stock and unexplained expenditure on construction of building - addition on account of low GP rate - ITAT deleted the addition - Held that:- The Tribunal being final fact finding authority was required to discuss the entire evidence before arriving at the conclusion. The order passed by .....

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:- 7-12-2015 - MR. AJAY KUMAR MITTAL AND MR. RAMENDRA JAIN, JJ. For The Appellant : Mr. Denesh Goyal, Advocate For The Respondent : Mr. Salil Kapoor, Advocate with Mr. Saurabh Kapoor, Mr. Sanat Kapoor and Mr. Sumit Lalchandani, Advocate Ajay Kumar Mittal,J. 1. This appeal has been preferred by the appellant-revenue under Section 260A of the Income Tax Act, 1961 (in short, the Act ) against the order dated 21.11.2013, Annexure A.3 passed by the Income Tax Appellate Tribunal, Amritsar Bench, Amrit .....

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ng the fact that the so called retraction letter of the assessee restricting the surrender to ₹ 8 lac was also an admission on the part of the assessee that there were indeed certain discrepancies for which the assessee had to make a surrender? 3. Whether the ITAT Amritsar was right in law in ignoring the fact that during the survey proceedings specific discrepancies were found which included surplus cash of ₹ 13,60,453/- and these discrepancies were admitted by the assessee? 4. Whet .....

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143(1) of the Act on 17.12.2008. Assessment under Section 143(3) of the Act was completed and income was determined at ₹ 63,94,832/- on 11.12.2009, Annexure A.1 by making following additions:- i) On account of difference in surrender amount under Section 133A amounting to ₹ 25,00,000/-. ii) On account of low GP rate amounting to ₹ 26,78,370/-. 3. Aggrieved by the order, the assessee filed appeal before the Commissioner of Income Tax (Appeals) [CIT(A)]. Vide order dated 1.7.2011 .....

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ng final fact finding authority should have passed a well reasoned order after examining the entire evidence on record. The operative portion of the order dated 21.11.2013 reads thus:- We have heard the rival contentions and perused the facts of the case. The assessee is not maintaining stock register and therefore, it is not possible for the assessee to deduce accurate income and accordingly we find no infirmity in the order of learned CIT(A) who has rightly confirmed the action for invoking th .....

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and in order to meet both ends of justice, we direct the AO to apply 22% GP rate on declared turnover which will meet both ends of justice. Accordingly, grounds 1(iv), 2, 7 and 8 are partly allowed. 6. The Hon'ble Apex Court in Kranti Associates P. Limited and another vs. Masood Ahmed Khan and others, (2010) 9 SCC 496 which statutorily requires recording of reasons and requirement of passing a reasoned order by an authority whether administrative, quasi judicial or judicial, had laid down a .....

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alid restraint on any possible arbitrary exercise of judicial and quasijudicial or even administrative power. e. Reasons reassure that discretion has been exercised by the decision maker on relevant grounds and by disregarding extraneous considerations. f. Reasons have virtually become as indispensable component of a decision making process as observing principles of natural justice by judicial, quasi-judicial and even by administrative bodies. g. Reasons facilitate the process of judicial revie .....

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reason that the relevant factors have been objectively considered. This is important for sustaining the litigants' faith in the justice delivery system. j. Insistence on reason is a requirement for both judicial accountability and transparency. k. If a Judge or a quasi-judicial authority is not candid enough about his/her decision making process then it is impossible to know whether the person deciding is faithful to the doctrine of precedent or to principles of incrementalism. l. Reasons i .....

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