2013 (10) TMI 216

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....present petition has been filed under Section 260-A of the 1961 Act arises out of an order dated 13.12.2011 passed by the Income Tax Appellate Tribunal, Amritsar Bench, Amritsar (for short 'the Tribunal') pertaining to assessment year 2006-07. Revenue has claimed the following substantial question of law:      "Whether on the facts and circumstances of the case, Hon'ble ITAT....

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.... (Punj. & Har.) and also a judgment of the Hon'ble Supreme Court as Kachwala Gems v. Jt. CIT [2007] 288 ITR 10to contend that the net rate of profit applied by the Commissioner of Income Tax (Appeals) and affirmed by the Tribunal is wholly arbitrary and without any justification. 4. Having heard learned counsel for the appellant, we do not find any merit in the argument raised. In Kachwala Gems....