2008 (9) TMI 93

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.... Income Tax Act, 1961 (in short, 'the Act') against the orders of Income-tax Appellate Tribunal, New Delhi, 'G' Bench in I.T.A. No.739/Del/2004 dated 29.6.2007 for the assessment year 1995-96, proposing to raise following substantial questions of law:- "1. Whether the Income-tax Appellate Tribunal was justified in concurring with the action of the Assessing Officer in disturbing the trading resul....

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....umstances of the case the Income-tax Appellate Tribunal was justified on facts and in law in reversing a well versed, detailed and speaking order passed by Commissioner of Income-tax (Appeals) without considering the explanations and materials on record, evidences comparative cases, comparative bills and vouchers, stock registers, views of expert authors and comparative cases of various national a....

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....ion 10B of the Act. The Assessing Officer found that the assessee had transferred guar splits at the rate of Rs.825/- per quintal. The Assessing Officer asked the assessee to explain its claim showing sale of the said item at the rate of Rs.431/- per quintal as against normal rate which was higher. The Assessing Officer accordingly made addition on that account in the total income of the assessee.....

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....that the books of account of the assessee having not been rejected, the Assessing Officer could not make any addition. The addition could be made only by way of best judgment assessment and not otherwise. 5. We do not find any merit in this contention. 6. Scope of best judgment assessment by rejecting books of account is different from the scope of assessment by not accepting any particular entr....