IT: Where Tribunal without assigning any cogent reasons reversed finding of Commissioner (Appeals) that revenue had not produced material in support of its claim that assessee had shown lesser gross profit, matter was to be re-adjudicated
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[2015] 54 taxmann.com 59 (Gujarat)
HIGH COURT OF GUJARAT
Bhaktiprasad Nagori Timber & Plywood (P.) Ltd.
v.
Assistant Commissioner of Income-tax*
K.S. JHAVERI AND K.J. THAKER, JJ.
TAX APPEAL NO. 122 OF 2001†
DECEMBER 1, 2014
Section 145 of the Income-tax Act, 1961 - Method of accounting - Estimation of income (Gross profit) - Assessing Officer noticed that assessee claimed lesser gross profit as compared to its books of account and accordingly, made addition - Commissioner (Appeals) deleted addition on ground that revenue had not produced any relevant material in support of its claim - Whether where Tribunal reversed said findings of Commissioner (Appeals) without assigning cogent reasons, matter was to be remanded back - Held, yes [Para 7][In favour of assessee/Matter remanded]
■■■
[2015] 54 taxmann.com 59 (Gujarat)
HIGH COURT OF GUJARAT
Bhaktiprasad Nagori Timber & Plywood (P.) Ltd.
v.
Assistant Commissioner of Income-tax*
K.S. JHAVERI AND K.J. THAKER, JJ.
TAX APPEAL NO. 122 OF 2001†
DECEMBER 1, 2014
Section 145 of the Income-tax Act, 1961 - Method of accounting - Estimation of income (Gross profit) - Assessing Officer noticed that assessee claimed lesser gross profit as compared to its books of account and accordingly, made addition - Commissioner (Appeals) deleted addition on ground that revenue had not produced any relevant material in support of its claim - Whether where Tribunal reversed said findings of Commissioner (Appeals) without assigning cogent reasons, matter was to be remanded back - Held, yes [Para 7][In favour of assessee/Matter remanded]
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