2018 (12) TMI 992

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....ces of the case and in law, the Tribunal erred in upholding the order of the CIT(A) thereby giving relief to the assessee even when the Assessing Officer has categorically recorded the defects in the Audited Books of Accounts as furnished by the assessee? (ii) Whether on the facts and in the circumstances of the case and in law, the Tribunal erred in holding that the assessee has submitted sufficient information on the basis of which the Assessing Officer could have done requisite verification, without appreciating that the Assessing Officer has indeed done requisite verification as is evident from the Assessment Order, thereby making the order of the Tribunal as perverse? 3. The respondent is engaged in the business of trading in fer....

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....d keeping in view of the fact that there was a sharp and continuous fall in nickel prices which is the main ingredient in stainless steel. Further, the appellant has made more than 90% of the sale during the year, out of the opening stock held by it as a carried forward from the earlier year. Moreover, it also takes cognizance of the fact that the respondent's book results were also accepted by the Sales Tax and Central Excise authorities. For all the above reasons, the appeal of the respondent assessee was allowed by order dated 15th July, 2013 of the CIT(A).   5. Being aggrieved with the order dated 15th July, 2013 of the CIT(A), the Revenue filed further appeal to the Tribunal. By the impugned order dated 28th September, 2015....