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2015 (7) TMI 1106 - AT - Income TaxG.P. rate determination - Held that:- There was a survey in the case of assessee on 14/07/2011 and incriminating documents were found during the course of survey. On that basis, the assessee had admitted additional income of ₹ 17,05,800/- but the ld Assessing Officer had not made separate addition on account of disclosure made by the assessee. The assessee also had explained that after verification of the books of account, the disclosure made was not warranted as these discrepancies were not found when verified from the regular books of account after survey, therefore, no revised return was filed by the assessee. Keeping in view of the past history and our own decision in A.Y. 2008-09 we are of the considered view that the N.P. rate @ 7% is reasonable on turnover of ₹ 120.09 crores. No separate addition is required to be made on various additions proposed by the Assessing Officer in her assessment order. We further considered the argument made on joint venture expenses but no separate addition was made by the Assessing Officer. Allowing the interest payment to be deducted despite the fact that interest income shown has been assessed under the head “Income from other sources” - Held that:- This Bench has decided in assessee’s own for A.Y. 2008-09 wherein we have confirmed the NP rate @ 7% subject to depreciation and interest to third party
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