TMI Blog2022 (9) TMI 985X X X X Extracts X X X X X X X X Extracts X X X X ..... IT(A) and ITAT. The ITAT is the final fact-finding authority, accordingly no substantial questions of law arise for consideration in the present appeal and accordingly, the same is dismissed. - ITA 332/2022& CM APPL. 40706/2022 - - - Dated:- 16-9-2022 - HON'BLE MR. JUSTICE MANMOHAN HON'BLE MS. JUSTICE MANMEET PRITAM SINGH ARORA Appellant Through: Mr. S. Krishnan, Mr. Amandeep Mehta Mr. Devender Singh Pal, Advocates. Respondent Through: Mr. Zoheb Hossain, Sr. Standing Counsel with Mr. Vipul Agrawal Mr. Parth Semwal, Jr. Standing Counsels. J U D G M E N T MANMEET PRITAM SINGH ARORA, J (ORAL): CM APPL. 40706/2022 Exemption allowed, subject to all just exceptions. Accordingly, present ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... O s order rejecting the accounts of the Assessee when admittedly all purchases and sales transactions were carried out through banking channels. He states that ITAT is the final fact finding authority and the ITAT failed to appreciate the error made by the AO in determination of the rate of gross profit which has led to taxation of an amount which is manifold the returned income. 5. Mr. Vipul Agrawal, learned counsel for the Revenue is present on advance notice. He states that, in this matter, there are concurrent findings of fact by the appellate authorities, upholding the findings of the AO and therefore, no interference is warranted in this appeal. He further states that the Assessee in this appeal is seeking re-appreciation of eviden ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ered it proper to reject the books of accounts of the Assessee and proceeded to assess the gross profit for the relevant AY. The AO after perusing the invoices of sales and purchases filed before it by the Assessee, determined that the Assessee had made gross profit in the range of 2.0% to 3.0% on various products. The AO determined the gross profit of the Assessee at the lower rate of 2% of the gross sales. 7. The Assessee aggrieved by the assessment order passed by the AO, filed an appeal before the CIT(A), which after perusing the record, concurred with the findings of the AO and held that the sales of the Assessee could not be verified in view of the non-confirmation from the sundry debtors. The CIT(A) upheld the rate of gross prof ..... X X X X Extracts X X X X X X X X Extracts X X X X
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