2017 (1) TMI 1150

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....bunal is right in law and on facts in deleting the addition made by the Assessing Officer on account of suppressed sales and whether the order of Appellate Tribunal is perverse ?" 2. Respondent-assessee filed return of income declaring total loss of Rs. 7,62,624/=. Subsequently, the case was selected for scrutiny assessment. The assessee was engaged in the business of manufacturing and selling of bulk drugs, intermediates and chemicals. During the year under consideration, the assessee shown total sales of Rs. 1,88,18,394/=, on which the gross profit declared was Rs. 33,04,290/=, which in terms of percentage comes to 17.56%. The said gross profit declared was found to be lesser than the gross profit of 27.71% declared in the immediately ....

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....f the Revenue has vehemently submitted that in the facts and circumstances of the case, the learned Tribunal has materially erred in confirming the deletion made by the learned CIT [A] solely considering its earlier order passed with respect to the preceding years ie., A.Y 2004-2005 and AY 2005-2006. It is submitted that the learned Tribunal has not properly appreciated the fact that in the present case, considering the difference in the gross profit declared in the current year as well as declared in the immediate preceding year, the Assessing Officer rejected the book results and thereafter, on appreciation of the evidence with respect to consumption of raw-materials, etc., decided to make additions on account of suppressed sales. It is s....