9911796707
TMI Blog2015 (6) TMI 1039X X X X Extracts X X X X X X X X Extracts X X X X ..... g only Question No.7. Question No.7 reads as under: "The Hon'ble Tribunal having noted the fact that the Assessee is himself has accepted before the Appellate Commissioner, the rate of estimation on unaccounted turn over at the rate of 54.62% for broken terminal period forming part of block period, erroneously directed the Assessing Officer to estimate the said unaccounted turnover at the rate of 35% of accounted turn over for the assessment years i.e. 1996-1997 to 2001-2002. Hence the impugned order being contrary to the material facts on record, is also inconsistent with the facts of the case and hence the same is liable to be set aside as erroneous and perverse in law." 2. It is a case where search operations were conducted resulting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... counted turnover at 35% of the accounted turnover for all the assessment years from 1996-97to 2001-02, on a uniform basis would meet the ends of justice, as against 54.62% adopted by the assessing officer and on different bases for different years, viz. at 20% for assessment years, as noted above, adopted by the CIT(A). As for the terminal broken period, since the assessee has already accepted before the CIT(A) the adoption of rate of 54.62% by the assessing officer, we find no justification to interfere with the order of the CIT(A) on that aspect. Even though in the course of appellate proceedings before this Tribunal, and through the grounds raised, assessee disputed having accepted before the CIT(A), adoption of rate of 54.62%, we do not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... zed material which relates to December, 2001 and January, 2002 faming part of assessment year 2002-03. That being so, we are of the considered opinion, considering various factors which prevailed in different years, as discussed in the earlier years, actual gross loss determined in one year, limitation of installed capacity etc., in our considered opinion, adoption of the net profit rate of the assessment year 2002-03, viz., 3.91% uniformity for all the years forming part of the block period, for determining the undisclosed income relatable to the unaccounted turnover would meet the ends of justice. 10. We accordingly modify the impugned order of the CIT(A) and direct the assessing officer to estimate the unaccounted turnover at 35% of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
