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2016 (8) TMI 227 - GUJARAT HIGH COURT

2016 (8) TMI 227 - GUJARAT HIGH COURT - TMI - Addition on processing profit and loss account - rejection of books of accounts - Held that:- It is a matter of fact that the Assessing Officer rejected the books of accounts of the assessee but, has made additions by relying upon the same books of accounts. The facts in these cases are similar to the facts narrated in CITII v. Dhiraj R. Rungta’s case (2014 (4) TMI 711 - GUJARAT HIGH COURT ). When the Assessing Officer found mistakes in the books of .....

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aforesaid decisions. - TAX APPEAL NO. 1255, 1263, 1179, 1181, 1236, 1247, 2453 of 2009 TO TAX APPEAL NO. 2454 of 2009 With TAX APPEAL NO. 1520 of 2010 With TAX APPEAL NO. 2635 of 2010 With TAX APPEAL NO. 4 of 2012 - Dated:- 1-7-2016 - MR. KS JHAVERI AND MR. G.R.UDHWANI, JJ. FOR THE APPELLANT : MR RK PATEL, ADVOCATE FOR THE OPPONENT : MR PRANAV G DESAI, ADVOCATE ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE KS JHAVERI) 1. All these Tax Appeals involve identical questions on law and facts and therefo .....

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n by concluding that the latest jurisdictional High Court decision is binding in case of conflict of ratios of two decisions of same High Court? (3) Whether on facts and evidence on record the Tribunal's approach of confirming the addition results into vitiated' findings of fact not sustainable in the eyes of law? (4) Whether on the facts and circumstances of the case the Tribunal is right in law in confirming the addition at 7.5% of gross profit on turnover when in identical case the As .....

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e Income Tax Act, 1961 by not adjudicating the confirming the levy of interest under the above provisions though the Assessing Officer has not initiated levy or charge of interest by a speaking order? 2.1 Tax Appeal Nos.2453/2009 & 2454/2009 have been admitted for consideration of the following Questions of law; Whether on facts, the Tribunal is right in law in confirming addition of ₹ 21,87,551/= made by the Assessing Officer on processing profit and loss while rejecting the book resu .....

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₹ 8,21,843/results into vitiated findings of fact not sustainable in the eyes of law? (3) Whether on the facts and in the circumstances of the case, the Tribunal has substantially erred in law in interpreting the provisions of section 234A, 234B and 234C of the Income Tax Act, 1961 by not adjudicating and confirming the levy of interest under the above provisions though the Assessing Officer has not initiated levy or charge of interest by a speaking order? 2.3 Tax Appeal No.2635/2010 has b .....

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f the Income-tax Act, 1961? 3. In all these appeals, the main contention raised on behalf of the assessee is that having rejected the books of accounts maintained by the assessee after verification of its correctness, which was not contested by the assessee, the Assessing Officer could not have made additions by relying upon the same books of accounts, which had been rejected by him. 4. In support of the above submission, reliance has been placed on the judgment of this Court in the case of Comm .....

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and that it would have been better if the Assessing Officer had estimated a reasonable profit of assessee considering the history and nature of business and accordingly, the Tribunal granted partial relief to the assessee. While dismissing the appeal filed by the Revenue, the High Court held that the finding recorded by Tribunal, being a finding of fact, no substantial question of law arose therefrom. 5. On behalf of the assessee, reliance was also placed on another judgment of this Court in th .....

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