2015 (4) TMI 104

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.... "Whether, on the facts and in the circumstances of the case, and in law, the Income Tax Appellate Tribunal is right in coming to the conclusion that addition made by the Assessing Officer and confirmed by the Commissioner of Income-tax (Appeals)-II, Surat, on G.P. Rate is not correct ?" 3. The facts of the present case are that the return of income has been filed on 31.10.2003 declaring total income of Rs. 1,10,463/- by the assessee. The return of income was processed u/s. 143(1) of the IT Act and statutory notice u/s. 14392) was issued and served upon the assessee. In response to the said notice, the assessee furnished necessary details. After considering the material on record, the AO has passed the assessment order. Against the said....

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....count had been taken away by to other partners and had not come back from Surat till date, we are of the opinion that it was not a fit case where Gross Profits could be estimated by applying the decisions of the Tribunal in cases relied upon by the CIT(Appeals) and conversed by the DR. 15. Having held as above, we are of the opinion that so far as justification of the procedure for computing the assessee's taxable income, adopted by the AO is concerned, the same can not be said to be a best judgment approach as envisaged in the provisions of section 143/144 of the Act,so far as facts of the present case are concerned because, if we consider the facts of assessee's case from the angle of net profit, the Revenue had accepted net profit rat....