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2018 (7) TMI 1615 - ITAT KOLKATAUsurpation of jurisdiction of Pr. C.I.T. u/s 263 - interference in the order passed by Assessing Officer u/s 143(3) by CIT-A - G.P. rate determination by AO - Held that:- AO has discharged his duty as an investigator as well as that of an adjudicator and has applied his mind on the issue before him and taking into consideration the explanation rendered by the assessee, has taken a reasonable and plausible decision to impose gross profit rate of 3.5% and also making ad hoc addition of ₹ 50,00,000/- on the undisclosed sales and has made the addition of ₹ 40,50,672/-., which decision is in line with the ratio laid in President Industries Ltd. [1999 (4) TMI 8 - GUJARAT HIGH COURT]and Tribunal’s decision in India Seed [2000 (1) TMI 146 - ITAT DELHI-B]. Therefore, the order of AO cannot be termed as unsustainable in law. Therefore the jurisdictional fact for usurping the jurisdiction is absent and the action of Ld. Pr. CIT is without jurisdiction and all subsequent action is ‘null’ in the eyes of law. Therefore, we are inclined to quash the order impugned before us. - Decided in favour of assessee
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