Alok Aradhe, J.

1. This appeal was admitted for hearing by a Bench of this Court vide order dated 01.02.2016 and following substantial questions of law were framed:

(i) Whether on the facts and circumstances of the case, there is implied limitation of no enhancement beyond earlier assessed income in the direction of the Tribunal to apply proper and reasonable GP rate.

(ii) Whether under the facts and circumstances of the case, the finding of the Tribunal that books of accounts are liable to be rejected u/s 145, is per se also a finding that gross profit shown is false or less and addition of GP is required, though, tax authorities have not recorded any finding that gross profit shown by the appellant is less or unreasonable.

(iii) Whether addition on account of GP can only be made if there is positive finding of the Income Tax Authorities that gross profit shown by the assesse is less or unreasonable and there exist similar comparable case for that assessment year for application of GP.

(iv) Whether on the facts and circumstances of the case the Hon’ble Tribunal and misd