2013 (9) TMI 744

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....mbhu Chopra, learned counsel for the appellant. The affidavit of service has been filed. This appeal under Section 260 (A) of the Income Tax Act, 1961 is directed against the judgment and order dated 12.4.2013 passed by the Income Tax Appellate Tribunal in I.T.A. No.121/A/2011 for the assessment year 2007-08. The department has preferred the following questions of law:- "1. Whether on ....

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....he findings arrived at by the Tribunal are liable to be fully vitiated as they are not supported by any material evidence or reasoning and have adopted the findings of the CIT (A) on merits." We have examined the findings recorded by A.O. and the orders passed by the CIT (A) and the ITAT and find that the Tribunal has in upholding the order passed by the CIT (A) found that turn over and gross p....

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....t cannot be believed before making additions. The Tribunal has rightly relied upon the judgment of Rajasthan High Court in CIT v. Gotan Lime Khanij Udhyog, 256 ITR 243 (Raj.) in which it was held that it is not necessary that on restoring to best judgment assessment the Assessing Authority must reach a different figure of income and profit. The assessee has adequately explained the Gross Profit ra....