1987 (1) TMI 76

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....en referred at the instance of the assessee : " Is not the decision of the Tribunal confirming the gross profit rate of 12% contrary to the evidence and material on record, especially the agreements between the assessee and other pharmaceutical companies, bills, correspondence, etc., whereby it was established that the assessee could get a profit between 5% and 7% only ? " The assessee deals....

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....smissed on the ground that whereas agreements in respect of two companies were produced on record, agreements entered into with the other companies were not produced. Further appeal was carried to the Income-tax Appellate Tribunal. On the date of hearing, none appeared for the appellant. There was an application for adjournment but it came to be rejected. The Income-tax Appellate Tribunal quoted p....

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....ore us, and in our judgment rightly, that this is a case of total non-application of mind to the relevant material on record and that the decision of confirming gross profit rate at 12% is contrary to the evidence. He also made a correct grievance that the rehearing was treated merely as formality. Neither the points urged nor the documents produced find even a passing, reference in the order pass....