2014 (2) TMI 319

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Kumar,A.N. Mahajan,B.J.Agarwal,D. Awasthi,G. Krishna,R.K. Upadhyay,S.Chopra ORDER Heard Sri Krishna Agarwal, learned counsel for the appellant and Sri R.K. Upadhyay, learned counsel for the revenue. This appeal under section 260(A) of the Income Tax Act has been filed against the order of Tribunal dated 30.04.2001. The appeal has been admitted on following substantial question of law:- ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... proceeded to estimate his gross and for that he refers to sale of percentage of two local traders namely Mrs. Kedarnath Nathmal of Rs. 1,57,00,000/- profit 7.64% and Sri Pitambar Lal of Rs. 1,54,00,000/- profit 5.07%. Relying on the aforesaid percentage of profit of two local traders noted above the assessing officer estimated the gross profit 7% for cotton clothes and 10% for tericot clothes.....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rofit as 7.64% and 5.07%. When the assessing officer himself noticed that the assessee had already disclosed his profit as 5.95%, we fail to see that on what basis the assessing officer had fixed estimate 7% for cotton clothes and 10% for tericot clothes, which was estimated as 8% by the appellate authority. The profit of the two local traders has been noted as 7.64% and 5.07%. The profit of the a....