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2023 (4) TMI 628 - ITAT JODHPURTrading addition - net profit determined as per duplicate cash book during the course of survey proceedings u/s 133A - AO in nut shell applied the G.P. Rate of 25% and worked out the addition - HELD THAT:- CIT(A) observed that the assessee had himself shown GP 29.25% and 25% in the A.Y. 1998-99 and 1999-2000. Thus considering the factual and legal position as well as the nature and volume of assessee's business, CIT(A) confirmed the action of AO holding the G.P. @ 25% as reasonable and dismissed the ground of appeal of the assessee. It may be noted that in assessee's own case for the assessment year 1999-2000, the Tribunal had upheld the G.P. Rate at 18.93%. We find that G.P. Rate at 17.5% would be reasonable in view of the addition so made by the AO. Thus Ground No.2 of the assessee is partly allowed. Addition for the peak credit made by the AO - HELD THAT:- During the course of hearing, we observed that no contrary view or documents to controvert the findings was advanced by the ld. AR of the assessee concerning the issue in question. In such a situation, we have no other alternative except to confirm the order of the ld. CIT(A) on the issue in question. Thus Ground No. 3 of the assessee is dismissed.
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