Dismissing the appeal of the revenue the Court held that that the findings of fact recorded by the Tribunal on all the three issues were based on material and evidence on record. The Assessing Officer’s estimation of the gross profit rate was primarily based on other findings recorded by the Assessing Officer affecting the credibility of books of account of the assessee and according to him the assessee had made payments in cash in excess of Rs. 20,000 in contravention of section 40A(3).  That as to the issue of ad hoc disallowance of expenditure of consignment sale, the Tribunal has rightly concluded that it was an academic issue.(AY. 2014-15)