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2017 (8) TMI 1584
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.... Mr. Siddharth Ranka For the Respondent : Ms. Mahi Yadav for Mr. Sameer Jain Judgment 1. In both these appeals common question of law and facts are involved hence they are decided by this common judgment. 2. By way of these appeals, the appellant has assailed the judgment and order of the Tribunal whereby Tribunal has partly allowed the cross objection filed by the assessee and dismiss....
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....se circumstances whether the trading additions of Rs. 2,47,340/- was justified when the same was not supported by any material on record?" 4. The facts of the case are that the assessee has not maintained the stock register qualitywise as well as weightwise. However, the stock register is maintained in terms of the bags only from which it is not possible to workout the stock weightwise and quan....
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....rted in (2002) 256 ITR 243 wherein it has been held as under:- "Likewise, the appeal of the Revenue before the Tribunal has been rejected on the ground of having invoked the provisions of Section 145 by adopting a methodology of his own. The Assessing Officer by rejecting the explanation furnished by him for returning the income at the reduced gross profit rate has made additions on estim....
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....g the position, question No. 1 is answered in the affirmative, i.e., in favour of the assessee and against the Revenue." 5.1 He also relied upon the two decisions; one of Rajasthan High Court in PR. Commissioner of Income Tax vs. Bhawani Silicate Industries (2016) 65 taxmann.com 106 (Raj.) and other decision of Gujarat High Court in Jaytick Intermediates (P.) Ltd. vs. Assistant Commissioner of ....