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2011 (1) TMI 1204 - HC - Income TaxAddition - Rate of G.P - No proper exercise is done by any of the Authorities below, the matter should have been remitted back to the Assessing Officer to take into consideration of those aspects and fix the GP rate - However, having regard to the fact that it is an old matter and all the relevant data are available with us which is taken note of above and this may provide a suitable yardstick for fixing the GP rate, we are doing this exercise ourselves - The average GP rate for the last five years is 3.25 per cent and for the subsequent year it is 4.59 per cent to 5.39 per cent. The GP rate of post survey period is 8-9 per cent but that period is less than three months - Keeping in mind these GP rates, we are of the opinion that the GP rate of 5 per cent would meet the justice - These appeals is disposed of.
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