TaxTMI 
TaxTMI 
2016 (2) TMI 663
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.... of accounts and other documents produced during the course of assessment proceedings and the compilation of documents filed in the Appeal proceedings thus denying adequate opportunity to the assessee and this extent the orders of the Date of Hearing 02 .11.2015 Date of Pronouncement 15.11.2015 Ld.CIT(A) Commissioner of Income Tax Appeals XXVIII is unjust, arbitrary and illegal and deserves to be quashed. 2. That on the facts and circumstances of the case the Ld. CIT(Appeals)-XXVII was not justified in confirming the Rejection of Trading Results and the books of accounts u/s 145(3) even when all the documents and books of accounts were produced before the Ld.CIT(A) Assessing Officer and the Compilation of documents justifying the t....
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....eding Rs. 1035 crores eventually resulted in a loss amounting to Rs. 7,209/- only. The position has been reversed mainly by incorporating bank interest on FDR of Rs. 53,600/- and exempt dividend income of Rs. 79,220/- so as to posed a net profit of Rs. 1,25,611/- only. The business was yielding zero (negative income) inserted a closer look despite the constraints of time on account of being the transactional year when limitation stands preponed in addition to several instances of default in representation. The position of gross profit obtaining in the garment export business can be illustrated as under:- F.Y 2001-02 F.Y 2002-03 F.Y 2003-04 Sale 9,06,50,735 11,98,15,532 10,35,87,956 Gross Profit 2,39,59,1....
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.... the entire bunch relating to the year under assessment was misplaced by the assessee. The position summarized by Assessing Officer as under:- S. No. Items Qty. Mfd. Qty. FOB Sale Value Resultant G.P as per "Costing Sheet" 1 Boys Pant 1052 Pcs 1020 Pcs 2,62,334 16.32% 2 Cotton Ladies Blouse 2062 Pcs 2000 Pcs 3,39,047 22.80% 3 Men Shirt 3298 Pcs 3228 Pcs 7,67,941 39.89% 6. The Assessing Officer observed that the assessee was not able to explain the sharp disparity in the resultant G.P with the over G.P rate of 10.24% obtaining in the year under review as well as not able to identify any particular export order which may have resulted in a l....
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....he Ld. CIT(A) further held that the assessee fail to explain the decline GP rate and the estimated GP rate at 15% is justified and the Assessing Officer 's order deserves to be approved. Thus, dismissing the appeal of the assessee. The assessee is before the Tribunal for the contesting grounds preferred hereinabove in Para 2. 8. The AR submitted that the assessee is in the business of fabrication of export quality material, the assessee is the proprietor of M/s Alankar Creations and is maintaining regular books of accounts and stock registers which are also duly audited. The assessee completes books of accounts on two occasions before the Assessing Officer. The Assessing Officer has not taken into account. Books of accounts maintained by....
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....en the finding as to how the "Cost Sheet" of the assessee was rejected and there was nothing against the production of invoice and bills taken into account by the Ld. CIT(A). 9. The DR submitted that books of accounts were rightly rejected as the assessee failed to produce the same. The reasons are properly set out in Para 7 & 8 of the Ld. CIT(A)'s order. The DR also relied upon the Assessing Officer 's order. 10. We have perused all the records and proceedings as well as heard both the parties. Records show that the contention of the DR that books of accounts were not produced before Assessing Officer was not correct. As relates to rejection of books of accounts maintained by the assessee by the Assessing Officer without assigning an....