2015 (9) TMI 752

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....HATT, ADVOCATE ORAL ORDER (PER : HONOURABLE MS. JUSTICE HARSHA DEVANI) 1. The appellant revenue has challenged the order dated 23rd January, 2015 made by the Income Tax Appellate Tribunal, Ahmedabad Bench 'A' (hereinafter referred to as "the Tribunal") in I.T.A. No.1350/Ahd/2012 by proposing the following two questions:- [A] "Whether the Appellate Tribunal has substantially erred in up....

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....e Act by relying on several judicial decisions. After rejecting the books of accounts, the Assessing Officer carried out independent search on "Prowess data base" and found out comparable companies for calculating gross profit of the assessee company. After comparison of the gross profit and taking average thereof, the Assessing Officer adopted the gross profit of the company at 2.74% and made a t....

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....ms had turnover of more than 20 crores. He accordingly was of the view that the turnover of the other three firms was comparable to the assessee and that they were also in similar line of business. He accordingly directed the Assessing Officer to compare the average gross profit with three comparable companies and work out the gross profit of the assessee company. He also directed that from this p....

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....concurrent findings of fact recorded after appreciating the evidence on record and hence, do not give rise to any question of law. The second question, therefore, is disallowed. 4. As regards the proposed question [A], this court finds substance in the submissions advanced by the learned counsel for the appellant, hence, admit. The following substantial question of law arises for consideration:....