2013 (2) TMI 421

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....HONOURABLE MS JUSTICE SONIA GOKANI) 1. This Tax Appeal arises from the order of the Tribunal dated 24.3.2010 where the assessee respondent is engaged in the business of manufacturing and selling of art silk cloth and sale of yarn in the name and style of P.M. Textiles. The assessee for the assessment year 2003-04 filed its income by declaring the total income at Rs.32,69,385/-. On scrutiny asse....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ioner, to 60% of the same? [ii] Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is right in law in applying the ratio of the orders of the Tribunal in ITA No.699/Ahd/07 & ITA No.1550/08 dated 8.9.2008? [iii] Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal has committed an error in reversing the order ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... firm where identical issue had arisen for its consideration and where it reduced the addition to 60% noting the drastic fall in gross profit in post survey period as compared to pre-survey period as well as on considering various other factors like price fluctuation in raw material etc. However, in absence of any possibility of verification in connection with purchases, sales, consumption of m....