Law:

Section:

Section 254 of the Income-tax Act, 1961 - Appellate Tribunal - Orders of - Assessment year 1997-98 - Assessing Officer rejected books of account of assessee-company in absence of stock register and quantitative tally and applied higher rate of gross profit as against rate shown by assessee - Assessee had furnished paper book before authorities and contended that overall quantity details were maintained in Rojmel available in said paper book - Tribunal without considering evidence produced before it held that there was no evidence or material to support assessee‘s contention - Whether since Tribunal failed to record as to what were issues which arose for consideration and reasons which weighed with Tribunal in rejecting contentions raised by assessee, matter was to be restored back to Tribunal for being decided afresh - Held, yes FACTS The Assessing Officer rejected the books of account of the assessee in absence of stock register and quantitative tally and applied average rate of 14 per cent gross profit as against 9.43 per cent shown by the assessee in relation to gold ornaments account. The Commissioner (Appeals) upheld the addition made by the Assessing Officer. The Tribunal upheld the order of the Commissioner (Appeals) holding that there was no evidence or material to support the assessee‘s contention that overall quantity details were maintained in Rojmel available in paper book. On appeal : HELD It was an admitted position that a paper book comprising 67 pages was furnished before the Tribunal. One of the contentions raised on behalf of the assessee was that overall quantity details had been maintained in the Rojmel itself and the same was the practice in this line of business. In support of the said contention, Rojmel entries were available in the paper book. It was necessary for the Tribunal to deal with the contentions raised and the evidence produced before it. [Para 8] The Tribunal had failed to record as to what were the issues which arose for consideration and the reasons which weighed with the Tribunal in rejecting the contentions raised on behalf of the assessee. Prima facie , the finding of the Tribunal that there was no evidence or material to…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492