2008 (3) TMI 251

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....GMENT The judgment of the court was delivered by SATISH KUMAR MITTAL, J. - The instant appeal filed by the revenue under Section 260A of the Income Tax Act (hereinafter referred to as 'the Act') is directed against the order dated 3.3.2005 passed by the Income Tax Appellate Tribunal, Chandigarh Bench (B), Chandigarh (hereinafter referred to as 'the ITAT') in ITA No.551/Chandi/1999 in case of....

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....volved. 4. Counsel for the appellant states that ITA No.594 of 2007 filed by the revenue raising the similar question of law against the same order passed in ITA No.259/Chandi/2000 for the Assessment Year 1990-91, has been dismissed by this Court while observing as under:- "In this case, the Assessing Officer applied the GP rate of 15.47% while taking into consideration the trading accounts ....

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....available on record, it is noticed that similar transactions had been considered as benami sale proceeds in the case of sister concern, namely, M/s.  Single & Co. by the Settlement Commission. Since the nature of transactions was identical, Ld. CIT(A) was justified in holding the deposits in the bank accounts as sale proceeds and since the GP rate of 12.94% had been applied for the regular sa....