TaxTMI 
TaxTMI 
2013 (7) TMI 845
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....eal of the assessee. 2. On facts and in law the learned CIT (Appeal) was wholly unjustified in failing to pass a speaking order in as much as he has not rebutted)n the order the various submissions including citing of relevant case laws/clarifications/details filed during the course of appellate proceedings before his predecessor as also before him which form a part of record. 3. That on facts and in law the learned CIT (A) was wholly unjustified in summarily rejecting the assessee's pleas in respect of addition under the head of Short Term Capital Gains in as much as he has failed to deal in detail the various pleas raised before him including non adherence to the procedure prescribed u/s 50 C (2) of the Act more so in the light of c....
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....f the assessee be set aside and the addition made u/s 50C to Short Term Capital Gains and additions to the Trading Results made by the assessing officer in the assessment order be deleted. 9. The appellant craves to urge additional ground/ grounds, substitute, alter or amend any of the grounds of appeal either before or at the time of the hearing of this appeal. 3. Apropos addition on account of capital gain:- gain:- In this case assessee has declared a sale of property for Rs. 75,00,000/- of the property consisting of land of Rs. 49,92,000/- and building of Rs. 25,08,000/-. For the valuation of the property as per stamp valuation authority was at a higher amount of Rs. 82,82,000/- which was higher by Rs. 7,82,000/-. The assessee h....
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....icer . 5. Against the above order the Assessee is in appeal before us. 6. We have heard the rival contentions in light of the material produced and precedent relied upon. Ld. Counsel of the assessee submitted that the assessee has objected to the valuation before the Assessing Officer and the Assessing Officer has not referred the matter for valuation by the DVO in violation of section 50C(2). Further, the ld. Counsel of the assessee submitted that property in this case was lease hold property and the provision of section 50C are not applicable to the lease hold property. Ld. Departmental Representative on the other relied upon the orders of the authorities below. He further submitted that grounds as to non-application of section 50C ....
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....er noted that assessee has shown GP rate 8.30% as against GP rate of 11.22% for A.Y. 2005-06 and @ 15.14% for A.Y. 2004-05. Assessee was asked to furnish a detailed note on the fall in GP rate. The submissions of the assessee in this regard were as under:- "Regarding reason for fall in GP Rate by 2.91% it is submitted that cost of packing material consumed has increased to 3.51% as compared to 0.99% in the preceding financial year due to the reason that in the case of one client M/s Milk Food Limited the assessee has given the tin containers in Carton Boxes as per the terms and conditions of purchase order executed during the year. Regarding supply of tin containers to M/s Milk Food Limited alongwith carton box, couples of purchase or....
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....s. 8,64,664/ - Purchases Rs. 48,54,851/- - Transportation Rs. 1,28,93/- 7.2 Assessing Officer noted that out of the total purchase of tin plates of Rs. 54,70,536/- and components of Rs. 47,39,430/- purchases of Rs. 48,54,851/- have been made from sister concern. 7.3 Assessing Officer further noted that assessee was asked to furnish the quantitative details of purchases and sales of various road materials and finished goods. However, Assessing Officer noted that assessee has not furnished the necessary details in this regard. Assessing Officer further noted that assessee has not explained the how the price of material purchased from the sister concern was determined. Assessing Officer did not accept the reasons given by the....