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TMI Blog2017 (8) TMI 1345X X X X Extracts X X X X X X X X Extracts X X X X ..... 1961 ('the Act hereinafter'), for the Assessment Year (AY) 2010-11 identical, on the following Grounds: i. The learned CIT(A) has erred both in law and on the facts of the case in confirming the action of learned AO in invoking the provisions of section 145(1) of the Act and thereby rejecting appellant's books of accounts. ii. The learned CIT(A) has erred both in law and on the facts of the case in confirming the lump sum addition of Rs. 8,00,000/- made in respect of alleged unaccounted sales of machineries purely on the basis of estimation. iii. Both the lower authorities have passed the orders without properly appreciating the fact and that they further erred in grossly ignoring various submissions, explanations and information ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... antled with the help of gas cutter. These large chunks are then pulled towards the plot with the help of winch. These chunks weigh anywhere between 50 Tons to 200 Tons. Later on, the large chunks are dismantled into small pieces, mostly plates, in sizes which can be accommodated into trucks for delivery. The size of the plots allotted by the Gujarat Maritime Board for ship breaking purpose are very small and hence, it is not possible to maintain large inventory in the plot. Mostly, the goods manufactured, are sold during the day. 2.2 Learned AO added Rs. 40,00,000/- to total income of the appellant on the alleged ground that appellant had not accounted sales of Rs. 20,00,000/- for two main engine, Rs. 15,00,000/- for three DG sets and Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - 258 ITR 654 (Guj) _ CIT vs. Balchand Ajit Kumar - 263 ITR 610 (MP) _ Man Mohan Sadani vs. CIT - 304 ITR 52 (MP) _ Chetan C. Patel and others - IT(SS)A Nos.522-524/Ahd/2011 "Goss Profit" rate of the assessee is 4.07% and "Net Profit" rate is 1.65% and same is mentioned at Page No.2 of Asst. Order. Hence, impugned addition be restricted to Net Profit element embedded in such alleged unaccounted sales. 5. With the above observation, we allow the alternative plea taken by the assessee. Therefore we allow the appeal of the assessee. 6. Now we take up the Department's appeal in ITA No.2274/Ahd/2014 for Asst. Year 2010-11, on the following Grounds: The Ld. CIT(A)-XX, Ahmedabad has erred on facts and circumstances of the case in accep ..... X X X X Extracts X X X X X X X X Extracts X X X X
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