2008 (8) TMI 164

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.... - Aggrieved from the order of the Commissioner of IncomeTax (Appeals), the Assessee as well as Revenue Department hadfiled appeals being I.T.A. 2000/M/1996 and I.T.A. 2550/M/1996 in relationto the Assessment Year 1992-1993 respectively. Both these appeals were dismissed. The Assessee has questioned the correctness of theorder impugned in the present appeal primarily on the ground that theTribunal....

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....Tribunal. 2. Dealing with the contentions raised before it, the Tribunal noticed that the Assessing Officer after rejecting the trading results as reflected in the Books of Account determined the sales of the Assessee and applied the gross profit rate of 25% as against 7% shown by the Assessee and this led to addition of Rs.61,21,344. It was reduced by the Tribunal to Rs.45,00,000 upon appeal. It....

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....profits of the assessee. The court observed that Income Tax Officer need not make explicit statement showing that method of accounting employed by assessee is such that profits made cannot be properly deduced therefrom. It is sufficient if his order has the effect of impliedly recording such a finding. These observations are relevant in view of the finding of the Assessing Officer that in absence ....