2011 (7) TMI 590

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....ination of this Court: " (i)  Whether the Tribunal has erred in law by failing to appreciate that when the 'Opening stock' and 'Closing stock' of the appellant concern for the year under consideration had been reflected as the 'Closing stock' and ' Opening stock' in the immediate preceding and succeeding year, respectively, which thereafter had not been interfered with by the Revenue/department, therein in light of the judgment of the Hon'ble Supreme Court in the case of M/s. V.K.J. Builders & Contractors (P.) Ltd. v. CIT, [2009] 318 ITR 204 (SC) no adverse inferences as regards the same were liable to be drawn in the hands of the appellant?  (ii)  Whether the rejecting of the 'Book results' of the appellant for the reason ....

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....go substantiate that the appellant had suppressed her 'Trading results'?" 3. The facts, in brief, necessary for adjudication as narrated in the appeal, are that the assessee is an individual and she is engaged in the business of export of sport goods. Return for the assessment year 2006-07 was filed by her on 23.10.2006 declaring her income at Rs. 46,16,718/-. The return was taken up for scrutiny and statutory notices under Sections 143(2) and 142(1) of the Act were issued to her. During the course of assessment proceedings, the assessing officer rejected the books of account of the assessee on the ground that she was not maintaining 'stock records'. According to the appellant, the assessing officer drew adverse inference as regards the la....

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....ing to which the assessing officer had adopted the G.P. rate at the rate of 14% as against 8.27% was vacated by the CIT(A). The CIT(A) ultimately, sustained an addition of 1.5% to the G.P. rate declared by the appellant and partly allowed assessee's appeal vide order dated 20.11.2009. 5. The Tribunal sustained the findings of the CIT(A) vide the order under appeal but reduced the addition towards the G.P. rate from 1.5% to 1% and hence, this appeal at the instance of the assessee. 6. We have heard learned counsel for the appellant and perused the record. 7. Learned counsel for the appellant-assessee submitted that only question No.3 is being pressed. In view of this, question Nos. 1, 2 and 4 do not arise for consideration. 8. Learned co....