2017 (9) TMI 1672

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..... : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. The Revenue is in appeal against the judgment of Income Tax Appellate Tribunal dated 10.2.2017 raising the following question for our consideration : "Whether on the facts and in the circumstances of the case and in law, the Appellate Tribunal has justified in simply endorsing the view of the CIT(A) to estimate the GP @ 3% ignoring the fact that he asses .....

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..... that in the nature of business, he was engaged, it was not possible to make payment always in cheque. The Tribunal accepted such explanation. It appears from the record that the assessee was in the business of trading in waste paper, collecting it from traders and providing to factories for recycling. The Tribunal therefore, correctly held that the purchases made by the assessee from such small tr .....

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