(Per : HONOURABLE MR.JUSTICE V. M. SAHAI) We have heard Mr. M.R. Bhatt, learned senior counsel assisted by Ms. Mauna M. Bhatt, learned counsel for the Revenue.
Admit. We formulate the substantial questions of law as under:
"1.Whether on the facts and in the circumstances of the case and in law, the Appellate Tribunal was justified in holding that the books were incorrectly rejected by the Assessing Officer under section 145, despite the fact that the assessee failed to produce qualitative data of stock and production which were very essential to derive the correct income of the assessee?
2. Whether on the facts and in the circumstances of the case and in law, the Appellate Tribunal was justified in holding that as the assessee had shown better result compared to earlier year the books maintained by him cannot be rejected by the Assessing Officer merely because the assessee had not maintained quality wise data despite the fact that the prices of diamonds highly depends upon qualities like cut, clarity, carat and, colour?
3. Whether on the facts and in the circumstances of the case and in law, the Appellate Tribunal was justified in deleting the addition of Rs.61,84,485/-
made by the Assessing Officer on estimate basis after holding that the assessee had shown a better result compared to earlier year despite the fact that the assessee failed to produce qualitative data of stock and production before the Assessing Officer?"
Issue notice to the respondent. Paper Book be submitted within three months.
(V.M. SAHAI, J.) (N.V. ANJARIA, J.) (SN DEVU PPS) HC-NIC Page 2 of 2 Created On Thu Apr 28 02:17:35 IST 2016