The Pr. Commissioner Of Income Tax v. Appearance

IN THE HIGH COURT OF GUJARAT AT AHMEDABADR/TAX APPEAL NO. 1087 of 2018 ========================================================== THE PR. COMMISSIONER OF INCOME TAXVersusSMT. GRACY KUTHUMKAL THOMAS PROP. OF M/S JINNY MARINE TRADERS ========================================================== Appearance: MR MR BHATT, SENIOR ADVOCATE with MRS MAUNA M BHATT(174) for the PETITIONER(s) No. 1 for the RESPONDENT(s) No. 1 ========================================================== CORAM: HONOURABLE MR.JUSTICE AKIL KURESHIandHONOURABLE MR.JUSTICE B.N. KARIA Date : 04/09/2018 ORAL ORDER (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. Revenue is in appeal against the judgment of the Income-tax Appellate Tribunal dated 01.03.2018 raising following substantial question of law for our consideration :- “Whether on facts and circumstances of the case and in law the Tribunal is justified in not upholding the order of the A.O. Wherein the books of accounts were rejected u/s.145(3) of the Act on the ground that the assessee has not valued either at the cost price or market price as per AS-2 but valued at realizable price assumed by the assessee lower than the sale price ?” 2. The Assessing Officer after rejecting the book results of the assessee under Section 145(3) of the Income-tax Act, 1961 made certain additions which were subject matter of appeal before the CIT (Appeal) who made detailed examination of the materials on record and granted partial relief to the assessee. Both sides filed cross-appeals before the Tribunal. Tribunal dismissed both the appeals. The department has carried the issue further before us. 3. We have perused the documents on record produced by the assessee. Heard the learned counsel for the Revenue. CIT (Appeals) and the Tribunal minutely examined the materials on record and concurrently held that part of the additions made by the Assessing Officer were not sustainable. No question of law arises. Issues are purely facts based. Tax Appeal is dismissed. (AKIL KURESHI, J) K.K. SAIYED (B.N. KARIA, J)