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2016 (8) TMI 211 - GUJARAT HIGH COURT

2016 (8) TMI 211 - GUJARAT HIGH COURT - TMI - GP estimation - no material defects in the books of accounts - Held that:- It is not in dispute that the assessee is carrying on his business with his own fleet as well as the hired fleet of trucks / tankers and for that, the profits have been correctly shown under the different heads. In view of the turnover, the assessee would surely not prefer to go for the hired fleet. Considering the ratio laid down in the decisions in the cases of Commissioner .....

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see are required to be accepted and therefore, the question raised in this Appeal is answered in favour of the assessee and against the Department. - TAX APPEAL NO. 1212 of 2005 - Dated:- 4-7-2016 - MR. KS JHAVERI AND MR. G.R.UDHWANI, JJ. FOR THE APPELANT : MRS SWATI SOPARKAR, ADVOCATE FOR THE OPPONENT : MR PRANAV G DESAI, ADVOCATE ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE KS JHAVERI) 1. By way of this Appeal, the Appellant has challenged the judgment and order dated 28.04.2005 of the Income .....

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s in the books of accounts maintained by the appellant, gross profits shown by the appellant can still be estimated and adjusted? 3. The facts of the case are as under :- The assessee - M/s. Kandla Bulk Cargo files is engaged in the business of transport contract. It has got various contracts for transportation of material from various companies. The company also receives contracts for transportation of materials for various destinations and these contracts are performed partly by own trucks / t .....

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ties with other parties trucks / tankers, the assessee had shown a contract receipt of ₹ 2026 Lakhs against which freight payment was shown at ₹ 1876 lakhs giving gross income of ₹ 149 lakhs. The assessee had termed it as commission from hired fleet and this worked to about profit of 7.38% for the year 1997-1998. It is further submitted that the Tribunal had erred in adopting gross profit @ 8% in place of gross profit rate of 7.38% shown by the assessee despite having observed .....

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Court to paragraph 10 of the judgment and order of the Tribunal which reads as under :- 10. After considering the various materials placed on the record, we agree with the contention of the learned D/R that the gross profit shown at 10.64% was very low as compared to gross profit of the preceding two years. Therefore, keeping in view the gross profit rate shown by the assessee in the preceding two years as well as the gross profit estimated by the Assessing Officer on the basis of gross profit .....

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of Income-tax-IV v. Symphony Comfort System Ltd. reported in [2013] 35 taxmann.com 533 (Gujarat), it is contended by learned Counsel for the appellant that the Tribunal has committed a grave error in allowing the Appeal. 5. Learned Counsel for the respondent has contended that the view taken by the Assessing Officer and the Tribunal is required to be accepted inasmuch as the Tribunal and the Assessing Officer have taken into account the real facts and there cannot be two profits shown for the s .....

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