2017 (5) TMI 306

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..... [2.0] Feeling aggrieved and dissatisfied with the impugned common judgment and order passed by the learned Income Tax Appellate Tribunal "D" Bench, Ahmedabad (hereinafter referred to as "the learned tribunal") in ITA No.2663/Ahd/2011 for the Assessment Year 2008-09 and in ITA No.2656/Ahd/2011 for the Assessment Year 2007-08 by which the learned tribunal has dismissed the said Appeals preferred by the revenue and has confirmed the orders passed by the learned CIT(A), revenue has preferred the present Tax Appeals with the following proposed questions of law; (A) "Whether on the facts and circumstances of the case and in law, the ITAT is justified in holding that the addition made by the AO was without any basis, ignoring the fact that the co .....

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..... ely on the basis of the documents seized, the Assessing Officer was not justified in making the additions. However, on the basis of the documents seized, the learned CIT(A) held that the amount of Rs. 65 lakhs is required to be assessed in the hands of the respondent - assessee and thereafter estimated the GP at 13% on Rs. 65 lakhs. The learned CIT(A) held that the amount to be taxed in the hands of the respondent - assessee is Rs. 45 lakhs being 13% of Rs. 65 lakhs, and therefore, the learned CIT(A) directed the Assessing Officer to make further addition of Rs. 8.45 lakhs in the hands of the respondent - assessee. The orders passed by the learned CIT(A) came to be confirmed by the learned tribunal by the impugned common judgment and order. .....

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..... n of the GP at 13% on Rs. 65 lakhs is concerned, it is required to be noted that on the basis of the incriminating material, the learned CIT(A) directed to make the addition in the hands of the respondent - assessee of Rs. 65 lakhs. On appreciation of evidence and on the basis of the estimation the learned CIT(A) determined the GP at 13% and the same has been confirmed by the learned tribunal. By giving cogent reasons and on estimation basis, which is permissible, when the learned CIT(A) estimated the GP at 13% of Rs. 65 lakhs, it cannot be said that any substantial questions of law arise. [5.0] In view of the above and for the reasons stated hereinabove, both these Tax Appeals deserve to be dismissed and are accordingly dismissed.
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