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2016 (8) TMI 812 - GUJARAT HIGH COURT

2016 (8) TMI 812 - GUJARAT HIGH COURT - TMI - G.P. estimation - rejecting the books of accounts - Held that:- Taking into account the observation that the gross profit of the assessee was around 6%, it will be proper to estimate the same @ 5%. and therefore, we are of the view that the Tribunal ought to have estimated the gross profit @ 5%. Consequently, the issues raised in the above Appeals are answered in favour of the Department and against the assessee - TAX APPEAL NO. 1358 of 2007 With TAX .....

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7 the Appellant - Department has challenged the order dated 30.11.2006 of the above Tribunal in ITA No.2165/Ahd/1995 for the Assessment Year : 1991-1992. Both the above appeals pertain to one common assessee. 2. While admitting Tax Appeal No.1358/2007 on 29.02.2008, the following substantial question of law was framed by the Court for consideration :- Whether the Appellate Tribunal is right in law and on facts in sustaining the additions to the extent of ₹ 2,71,350/- as against ₹ 27, .....

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hen the Tribunal held that the Assessing Officer was right in rejecting the books of accounts u/s. 145(1), it was justified in reducing the addition at ₹ 4,40,100/- as against addition of ₹ 48,62,000/- made by the Assessing Officer on account of higher valuation? 4. Learned Counsel for the appellant - Department has taken this Court to the findings of the Tribunal at Paragraphs 11 and 12.3 which reads as under :- 11. We have heard the parties and considered the rival submissions. The .....

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rs. The CIT (A) has held that all the grounds individually and cumulatively were not sufficient to reject the books of account in dealing with each and every items. He has admitted fresh evidence, which were not verifiable by the Assessing Officer. The first one is the sale bill of 6.4.1990 and certain other bills to justify the valuation of closing stock at the market price. As regards the second contention, RG.1 register and RT.12 were taken into consideration, which were checked by Excise aut .....

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the fourth contention, the difference in gross profit is marginal i.e. of 1% and that is held by itself to be not a ground for rejecting the book of account. In the case of Maradia Copper Industries for Asst. Year 1992-93 in ITA No.5105/Ahd/1996 order dated 22.09.2005, the Tribunal observed as under :- 35. We have carefully considered the rival submissions in the light of material placed before us. It is established beyond doubt that assessee was manipulating its books of accounts with regard to .....

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e assessee itself has admitted for unaccounted job work done by it, no credence can be given to the arguments of the assessee - namely (i) that the registers were not found from the possession of partner or employee of the assessee (ii) that all the Directors of Mardia Copper Extrusion Ltd. are not partners of the assessee firm (iii) no evidence relating to unaccounted job work was found from the possession of assessee and the addition made by AO is purely on presumption basis, (iv) Assessee was .....

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