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J.R. Dying & Printing Mills Private Limited Versus The Income Tax Officer

2016 (10) TMI 356 - GUJARAT HIGH COURT

Addition towards unaccounted sales - Held that:- Considering the observation of the Assessing Officer where it is specifically observed that the assessee has not suppressed the investment on purchases and that no evidence relating to suppression of purchases was detected by the Excise Department. In that view of the matter, in view of the direction of this court, the Tribunal has committed error in sustaining the addition of ₹ 3,78,112/- made by the Assessing Officer as confirmed in appeal .....

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ome-tax Appellate Tribunal (hereinafter referred to as the Tribunal ) dated 16.3.2007 whereby the Tribunal has confirmed the order of the Commissioner of Income-tax (Appeals) and the Assessing Officer. 2. While admitting the appeal, this court has framed the following substantial question of law: Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in sustaining the addition of ₹ 3,78,112/- towards unaccounted sales by going beyond the scope of direc .....

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t aside the order of the Tribunal in so far as the Tribunal has made addition of the entire amount ₹ 3,78,112/- and remand the matter to the Tribunal for taking a fresh decision in the matter after considering the question whether there was suppression of investment in acquiring the goods which were subjected to undisclosed sales. This shall be done after giving the parties an opportunity of being heard. 3.1 Learned counsel for the appellant Mr. Karia has specifically pointed out that afte .....

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ther. 3.2 The Assessing Officer has further observed in paragraph No. 5.6 of the assessment order for making addition of ₹ 3,78,112/- as under: In view of the facts, as discussed above, the assessee s argument that only GP addition is required to be made is not found to be tenable, as this is a case of understatement of sales and not unaccounted purchases followed by unaccounted sales. Therefore, the value of grey fabric of 16,805.60 meters, sold unaccountedly amounting to ₹ 3,78,112 .....

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