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income Tax Officer Vs. Subhash Synthetics

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2003)78TTJ(Jodh.)567

1. This is an appeal by the Revenue against the order dt. 28th June, 1996, of the CIT(A), Ajmer, for the asst. yr. 1993-94.2. The Revenue agitated on the ground that the CIT(A), Ajmer, erred in deleting the trading addition of Rs. 13,05,606 made by the AO by applying net profit rate of 2.67 per cent against the net profit of 0.74 per cent declared by the assessee.3. The brief facts of the case are that the main dispute in this appeal relates to the addition of Rs. 13,05,606 rejecting the book results.The company-respondent is a manufacturer of polyester suitings. During the year under consideration, on total sales of Rs. 6,28,174 net profit of Rs. 5,00,066, giving net profit rate of 0.74 per cent was declared.The company-respondent was asked to file the detail of purchase and sale of quantity, quality and value. As such details were not filed and the AO felt that book results cannot be verified, he gathered information from the Central excise department about the production, sale and ...