2008 (8) TMI 164

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....t was delivered by SWATANTER KUMAR, C.J. - 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 appe....

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....iction to interfere in the findings of the 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....

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....enable the department to proceed to assess the 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 fi....

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....the extent of holding that under section 145 of the Act, in a case where accounts are correct and complete but the method employed is such that in the opinion of the Income tax Officer, the income cannot be properly deduced therefrom, the computation shall be made in such manner and on such basis as the Income tax officer may determine. 6. In the present case, besides noticing the deficiencies ....