TMI Blog2014 (8) TMI 1118X X X X Extracts X X X X X X X X Extracts X X X X ..... were not in the assessment year 2007-08. The assessment for the assessment year 2007-08 has become final and attained finality as the officer was unable to point out as to whether further appeal was preferred by the Revenue before this Court or not. Thus, in our view, the ITAT has reached its conclusion on appreciation of evidence. Invoking provisions of Sec. 145(3) or making/non-making of trading addition is essentially a finding of fact and the Hon'ble Apex Court as well as this Court, in similar cases, have come to the conclusion that if the addition/deletion is on the basis of appreciation of evidence, then no question of law, much less substantial question of law, can be said to be involved in a case like this. - DB Income Tax Appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... particularly of the fact that the respondent-assessee is showing the production as per its sweet will as also the fact that details of quality-wise of rough or gem stones or diamonds etc. are not maintained. Accordingly, a show cause notice was issued as to why the provisions of Sec.145(3) be not invoked and addition be not made to the trading results as the results were not fair and reasonable. It appears that the respondent-assessee replied contending therein that the trading results declared in the past years have been accepted by the department and the GP rate depends on combination of sales of different items i.e. if sale of gold jewellery is more, GP rate becomes lower and if sale of Gem Stones is more, GP rate becomes higher. The pu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TA account is concerned, it is a finding of fact that the addition, which was made in the immediately preceding year i.e. assessment year 2007-08, is concerned, the ITAT upheld a GP rate of 2.60% and since the GP rate in the DTA account this year is substantially better at 4.85%, therefore, on this premise, the CIT(A) deleted the addition and he justified the deletion by also applying the ratio decided by this Court in the case of CIT Vs. Gotan Lime Khaniz Udyog: (2002) 256 ITR 243 and Malani Ramjivan Jagannath Vs. ACIT: (2007) 207 CTR 19. 5. Aggrieved by the deletion of the trading addition, the revenue filed an appeal before the ITAT and the ITAT, vide order impugned, upheld the order of the CIT(A) where the trading addition was delete ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made. He further contended that the CBDT Instruction No. 02/2008 dt. 22/02/2008 was applicable and was retrospective in nature and therefore, the ITAT is unjustified in coming to a conclusion that it was prospective in nature. He contended that substantial question of law arise out of the order of the ITAT. 7. We have considered the arguments advanced by the officer, appearing on behalf of the appellant-revenue and perused the impugned order as also the order of the CIT(A) and the AO. 8. It is true that both the appellate authorities have come to a conclusion that on the basis of records maintained by the respondent-assessee, particularly, non-maintenance of qualitywise/quantity-wise details of opening stock, closing stock and day to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... contend as to what are the distinguishing features in between the two assessment years i.e. immediate preceding year vis-a-vis the present year. He further failed to point out other/additional defects which were not in the assessment year 2007-08. The assessment for the assessment year 2007-08 has become final and attained finality as the officer was unable to point out as to whether further appeal was preferred by the Revenue before this Court or not. Thus, in our view, the ITAT has reached its conclusion on appreciation of evidence. 10. Invoking provisions of Sec. 145(3) or making/non-making of trading addition is essentially a finding of fact and the Hon'ble Apex Court as well as this Court, in similar cases, have come to the con ..... X X X X Extracts X X X X X X X X Extracts X X X X
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