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2016 (3) TMI 1216 - AT - Income TaxAddition of gross profit rate of 31% estimated by the AO - Held that:- As decided in assessee's own case for the assessment years 2008-09 and 2009-10 [2015 (12) TMI 1684 - ITAT JAIPUR] that the books of account cannot be rejected. Besides, in assessment year 2007-08, substantial gross profit addition was reduced by the ld. CIT(A) on same facts and circumstances of the case to a meager figure. The reason for fall in assessee's gross profit cannot be brushed aside. The fact is that there is a stiff competition in the global market and it is a buyer market which cannot be disputed. In view of these deliberations, we see no justification in making any gross profit addition. Thus we do not endorse the rejection of books of account and there is no justification in estimation of any gross profit addition - Decided in favour of assessee.
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