TaxTMI 
TaxTMI 
2016 (8) TMI 227
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....1247/2009 and 1179/2009 to 1181/2009 have been admitted for consideration of the following Questions of law; "(1) Whether on facts the Tribunal is right in law in confirming the addition made by the Assessing Officer on processing profit and loss account while rejecting the book result under Section 145 of the Income-tax Act, 1961? (2) Whether the Tribunal is right in law in confirming the addition by concluding that the latest jurisdictional High Court decision is binding in case of conflict of ratios of two decisions of same High Court? (3) Whether on facts and evidence on record the Tribunal's approach of confirming the addition results into `vitiated' findings of fact not sustainable in the eyes of law? (4) Whether on the fa....
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....ult under section 145 of the Income-tax Act, 1961? (2) Whether on facts and evidence on record the Tribunal's approach of confirming the addition of Rs. 8,21,843/results into vitiated findings of fact not sustainable in the eyes of law? (3) Whether on the facts and in the circumstances of the case, the Tribunal has substantially erred in law in interpreting the provisions of section 234A, 234B and 234C of the Income Tax Act, 1961 by not adjudicating and confirming the levy of interest under the above provisions though the Assessing Officer has not initiated levy or charge of interest by a speaking order?" 2.3 Tax Appeal No.2635/2010 has been admitted for consideration of the following Question of law; "Whether the appellate Tribunal....
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....f assessee considering the history and nature of business and accordingly, the Tribunal granted partial relief to the assessee. While dismissing the appeal filed by the Revenue, the High Court held that the finding recorded by Tribunal, being a finding of fact, no substantial question of law arose therefrom. 5. On behalf of the assessee, reliance was also placed on another judgment of this Court in the case of Income-tax Officer, Ward 3(1) v. Om Silk Mills, [2015] 55 taxmann.com 295 (Gujarat) wherein, it has been held that while making best judgment assessment, the assessee's taxable income from business would be computed on the basis of net profit rate shown by the assessee in immediate preceeding year and not on the basis of gross profit....