2009 (7) TMI 49

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....DARSH KUMAR GOEL, J. - The revenue has preferred this appeal under Section 260A of the Income Tax Act, 1961 (for short, "the Act") against the order of Income Tax Appellate Tribunal, Chandigarh Bench-B dated 29.12.2004 passed in ITA No. 379/Chandi/2002 for the assessment year 1998-99, proposing to raise following substantial question of law:- "Whether on the facts and in the circumstances of th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....al, the CIT (A) set aside the addition for detailed reasons. It was held that the assessee was able to reconcile the entire material recovered during the survey with the return already filed. This finding has been affirmed by the Tribunal. It was observed as under:- "We also find that the defects pointed out by the Assessing Officer while framing the assessment were on account of omissions, wro....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....de by the Assessing Officer by rejecting books of account and estimating the GP rate at 22.01% as against 13.20% declared by the assessee which was without any basis and without pinpoint any defects in the regular books of account maintained by the assessee." 3. We have heard learned counsel for the appellant. 4. Learned counsel for the revenue submits that the CIT(A) as well as the Tribunal....