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2013 (11) TMI 207 - ITAT AHMEDABADAddition on account of low gross profit rate – There is a fall in the GP rate of assessee from 22.60% of the immediately preceding assessment year to 14.39% during the relevant assessment year whereas turnover of the assessee has increased from Rs.2.15 crores to Rs.4.91 crores during the relevant period - Held that:- the assessee has filed a statement showing variation in sale and purchase price and its effect on GP - The assessee has maintained day- to-day stock register, excise record and produce-wise quantitative details - The sale price of the assessee has not increased in proportion to the increase in the purchase price of the assessee - There is no adverse remark in the audit report regarding the assessee maintaining the day-to-day stock register – Decided against Revenue.
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