2020 (5) TMI 56

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....the appellant. Mr. Kunal Sharma, Senior Standing Counsel for the revenue.   AVNEESH JHINGAN, J. The assessee is in appeal under Section 260A of the Income Tax Act, 1961 (for short, 'the Act') against the order dated 12.7.2000 passed by the Income Tax Appellate Tribunal, Chandigarh (for short, 'the Tribunal') allowing the appeal of the revenue. Following substantial qu....

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....? (d) Whether in the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in sustaining the rejection of the books of account when there was no discrepancy in the books of account subsequent to the search and seizure operations? (e) Whether in the facts and circumstances of the case, the Ld. ITAT was right in sustaining the addition of Rs. 5,41,148/- b....

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....t that G.P. Rate worked out to 1.12% as compared to 4.49% for the assessment year 1988-89, 2% for the assessment year 1989-90 and 3% for the assessment year 1991-92 and rejected the books of account. The income was assessed applying rate of 2% as shown in the previous year. The assessment was finalised vide order dated 12.3.1993 calculating the total assessable income as Rs. 8,33,845/-. The Commis....

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....Tribunal rightly came to the conclusion that surrendered amount of Rs. 10,50,000/- was on account of un-explained investment in the stock. It represented unaccounted transaction and does not represent the profit of unaccounted transaction of purchase and sale. There was no convincing reason put forth by the assessee justifying the low G.P. Rate.   There is another aspect of the matter. The....