2018 (5) TMI 1171

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....AL ORDER (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. The assessee is in appeal against the judgment of the Income Tax Appellate Tribunal dated 22.09.2017 raising the following question of law for our consideration; Whether the Income Tax Appellate Tribunal ought to have held that when on the ground on which the reopening of assessment is based, no additions are made by the Assessi....

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....ccount of the stock in transit. The Assessing Officer, however, proceeded to frame reassessment. By an order dated 20.03.2006, he added a sum of Rs. 35.67 lakhs as assessee's undisclosed income. In the process, he rejected the assessee's books of accounts. He did not accept the assessee's declaration of loss of rawmaterial during manufacturing process. He recorded that the assessee had declared ex....

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.... accept this contention holding that the Assessing Officer had not made separate addition on the reasons recorded in light of the general addition of Rs. 31.98 lakhs made under the revised Gross Profit ratio. It is this judgment that the assessee has challenged in the present Tax Appeal. 3. The prime contention of the assessee before us was also based on the ratio of the judgment of this Court ....

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.... recorded it and thereafter, examined the materials on record. 4. Two things emerge from such exercise; firstly, he did not accept the assessee's declared evaporational loss of raw materials and secondly, he noticed that the assessee was unable to produce the books of accounts on the ground that the Sales Tax Department had impounded them. He, therefore, proceeded to frame the best judgment ass....