2007 (4) TMI 196

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.... for consideration in this appeal against the order of Income Tax Appellate Tribunal, Jodhpur Bench, Jodhpur dated 20/9/2005: "(i) Whether on the facts and in the circumstances of the case as well as in the law the learned Tribunal is justified in upholding the decision passed by the CIT (A) deleting the addition of Rs.21,64,500/- made by the AO under Section 68 of the Act have unexplained shar....

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.... out that share applications are made by number of persons, may be in their own names or benami, but the fact that share applications received from different places accompanied with share application money , no presumption can be drawn that same belongs to the assessee and cannot be assessed in his hands as his undisclosed income unless some nexus is established that share application money for au....

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....d by taking the case of one M/s Anil Marbles, as comparable case, applied the G.P. Rate of 32.42% on the estimated turn over for arriving at the gross profit. 6. The CIT (A) has found that case of M/s Anil Marbles was not a comparable case for the purpose of lifting the GP rate to be applied to the case of the assessee by substituting the GP rate disclosed as per the books of account. It pointe....