2018 (12) TMI 1393

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....Section 260A of the Income Tax Act, 1961 (the Act), challenges the order dated 22nd July, 2015 passed by the Income Tax Appellate Tribunal (the Tribunal). This Appeal relates to Assessment Year 201011. 2. The Revenue urges the following question of law for our consideration: "Whether in facts and circumstances of the case and in law was the Tribunal justified in substituting the best judgment o....

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....) of the Act. 4. Being aggrieved, respondent-assessee filed appeal to the Commissioner of Income Tax (Appeal) (CIT(A)). However, by order dated 1st November, 2013 of the CIT (A) it was held that bearing in mind the gross profit/net profit percentage for the earlier years the addition can be sustained at Rs. 1.23 crores and not at Rs. 3.09 cores. Thus, partly allowed the appeal of the respondent....