RAJMOTI INDUSTRIES Vs. JOINT COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) The assessee has filed this appeal challenging the judgment of the Income-tax Appellate Tribunal, Rajkot (hereinafter referred to as "the Tribunal") dated July 31, 2013, raising the following questions for our consideration:

(2.) This time the Revenue carried the matter in appeal before the Tribunal. The Tribunal at one stage allowed the Revenue's appeal by an order dated October 16, 2009, and restored a part of the additions made by the Assessing Officer. The assessee thereupon filed Tax Appeal No. 2398 of 2009 before the High Court. The High Court remanded the matter before the Tribunal observing that the Tribunal had not given independent reasons why the Commissioner of Income-tax (Appeals) was not justified in estimation of the gross profit. In the second round of hearing, the Tribunal passed the impugned order and made an addition on the basis of gross profit rate of 2 per cent as compared to 2.46 per cent adopted by the Assessing Officer. It is this fresh order which has given rise to the present tax appeal.

(3.) The learned counsel, Shri Soparkar for the appellant-assessee, has strenuously taken us through the material on record and raised the following contentions: