2007 (9) TMI 12

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....elevant Assessment Year 2001-02. 2. There are four questions that have been urged by learned counsel for the Assessee. 3. The first question pertains to a gift of Rs.2 lakhs stated to have been made by one Shri Rajesh Gulati to the Assessee on 24th March, 2001. The Tribunal did not accept the genuineness of this gift for the reason that on his examination by the Assessing Officer, Shri Rajes....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ce no substantial question of law arises. 6. Learned counsel for the Assessee has relied upon the decision of the Gujarat High Court in Murlidhar Lahorimal v. Commissioner of Income Tax [2006] 280 ITR (Guj) to contend that the Tribunal has proceeded on fallacious premises in examining the motive for making the gift. We find that the Tribunal here has examined whether the gift is genuine or not ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....at the books of account were in fact furnished when the record shows to the contrary. In any event, no such plea was taken before the Tribunal. The submissions made by learned counsel for the Assessee that there was a fall in the rate of gross of profit in the business of trading of raw rubber was found to be unsubstantiated by any material on record. In this view of the matter, we hold that the T....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ross profit rate should be applied. No hard and fast rule can be laid down in this regard. We find no error having been committed by the Tribunal in regard to the rate of gross profit. 10. The third and fourth issues raised by learned counsel for the Assessee pertain to the gift of Rs.2.75 lakhs stated to have been made by Shri D.R. Jain to the Assessee and addition of Rs.91,045/- towards house....