2014 (6) TMI 1008

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....under Section 260-A of the Income Tax Act, 1961 calling in question tenability of an order passed by Income Tax Appellate Tribunal on 13.4.2012 in the matter of permitting certain deduction to the respondent. Respondent assessee is a firm and had submitted return of income on 29.10.2007 showing a total income of Rs. 22,29,453/-. The matter was taken up in scrutiny and it was found that assessee....

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.... the Assessing Officer disbelieved the books of account which question has been interfered with by the Tribunal. On the ground that Tribunal has unnecessarily interfered into the matter , this appeal is filed. Having heard learned counsel for the parties and on a perusal of the record it is seen that the Tribunal has found that the Assessing Officer has disbelieved the Account book submitted by....

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.... case that the appellant had shown net profit of 1.77% which was claimed by the appellant to be reasonable considering the prevailing rate in the trade of country liquor and IMFL. It may also be noted that it is not possible to have constant gross profit or net profit in a trade. Since no material was brought on record to show that the sales were made outside the books of accounts of the appellant....