2008 (5) TMI 740

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.... JUDGMENT N.P. GUPTA,J.- This appeal has been filed by the assessee, against the judgment of the learned Tribunal, partly allowing the cross-objections of the assessee, and remanding the matter to the CIT(A). The remand has been made on the aspect of GP rate. However, the learned CIT(A), and the learned Tribunal, upheld the rejection of books of account, and resorting to provisions of s. 145....

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....ve compared the case of M/s Kandhari & Kandhari (P) Ltd. The AO has also considered purportedly comparable cases, being M/s Chittor Poly Feb and Kandhari & Kandhari (P) Ltd., and found, that the assessee has declared GP rate of 8.5 per cent only, and concluded, that books of account did not disclose a true and proper income. 4. Arguing the appeal it was contended, that for rejection of books of....

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....same product, and practically employing the same manufacturing process, are also showing the extent of wastage, around the one, as shown by the assessee. 5. It may be observed here, that in this appeal, under s. 260A, it may not be open to us, to receive fresh evidence, as attempted by the learned counsel for the appellant, and thereby entering into the process of reappreciating the evidence, a....

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....percentage, shown by the assessee, and the same having been accepted by the Department. 7. In view of the above, we think it appropriate, to set aside the impugned order, and direct the learned CIT(A) to decide the matter afresh, after giving opportunity of hearing to the assessee, to show the comparable figures of wastage percentage, rendered in the manufacturing process of other industries, i....