2016 (10) TMI 356

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....E APPELLANT MR SUDHIR M MEHTA, ADVOCATE FOR THE OPPONENT JUDGMENT ( Per : Honourable Mr. Justice KS Jhaveri ) By way of this appeal under section 260A of the Income-tax Act, 1961, the appellant has challenged the order of the Income-tax Appellate Tribunal (hereinafter referred to as "the Tribunal") dated 16.3.2007 whereby the Tribunal has confirmed the order of the Commissioner of Inco....

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....sales of 16805.60 Mts. Of cloth in September/October, 1999, we set aside the order of the Tribunal in so far as the Tribunal has made addition of the entire amount Rs. 3,78,112/- and remand the matter to the Tribunal for taking a fresh decision in the matter after considering the question whether there was suppression of investment in acquiring the goods which were subjected to undisclosed sales. ....

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....Rs. 3,78,112/- as under: "In view of the facts, as discussed above, the assessee's argument that only GP addition is required to be made is not found to be tenable, as this is a case of understatement of sales and not unaccounted purchases followed by unaccounted sales. Therefore, the value of grey fabric of 16,805.60 meters, sold unaccountedly amounting to Rs. 3,78,112/- is added to the ....

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....ned counsel for the revenue Mr. Mehta has contended that the Commissioner (Appeals) and the Tribunal have, after considering the material on record, dismissed the appeal preferred by the assessee and therefore, they have passed just and proper orders. In that view of the matter, no interference is called for with the same. 5. We have heard learned counsel for the parties. Considering the observ....