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THE COMMISSIONER OF INCOME TAXCENTRAL-I Versus EVERGREEN SYNTHETICS PVT. LTD

Addition on account of low gross profit - Held that:- As decided in assessee's own case for the assessment year 2001-2002 [2015 (1) TMI 615 - GUJARAT HIGH COURT] there were no discrepancies or defects pointed out in the books of account and further that they were regularly maintained and also on the finding that there was no material brought on record to establish that purchases or expenses were inflated or sales suppressed and also in view of the finding that this was not a case that there was .....

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e order dated 30/12/2005 made by the ITAT in ITA No.2271/Ahd/2005 for the assessment year 2002-03, whereby the order passed by the CIT (Appeals) came to be confirmed which has reversed the order passed by the Assessing Officer. 2. The short question raised in this appeal is against the deletion of addition of ₹ 2,78,74,400/- made by the Assessing Officer on account of low gross profit. The Assessing Officer did not accept the explanation given by it and invoking the provisions of Section 1 .....

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missed. 2.2 For the said subject matter, for the assessment year 2001-2002, the revenue has preferred Tax Appeal No.1412 of 2005 and Tax Appeal No.1413 of 2005 before this Hon'ble Court and this Court vide its judgment dated 15/12/2014 has answered in favour of the assessee and against the Department. Relevant discussion made in paragraph Nos.4.1 reads as under: 4.1 In support of his case, he relied on decision of Rajashthan High Court in Commissioner of Incometax Vs. Sulabh Marbles (P.) Ltd .....

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Vikram Plastics (supra) is extracted hereunder: Learned Counsel appearing for the applicants has taken us through the relevant material on record. It was contended by him that the provisions of Section 145(2) of the said Act were rightly invoked by the Assessing Officer and the Tribunal ought not to have taken a different view of the matter. In this regard, we note that the Tribunal has specifically considered the provisions of Section 145 in paragraph 7.3 of its order and after noticing the ap .....

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