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2015 (3) TMI 273 - HC - Income TaxGross profit addition - CIT(A) directed the assessing officer to apply gross profit rate of 7.19% as against 17.22% done by AO - Held that:- CIT while determining 7.19% as gross profit rate noticed that the assessing officer while rejecting the books of accounts applied gross profit rate of 17.22% on basis of the case of M/s. Tarsem Kumar & Co., but the same was distinguishable on facts. The Commissioner of Income Tex on examination of peculiar facts of the instant case, arrived at the conclusion that the highest gross profit rate of immediately 2 previous assessment orders should be accepted as gross profit rate. Accordingly, the rate of 7.19% was applied. The orders passed by the Commissioner of Income Tax as well as the Income Tax Appellate Tribunal are quite reasoned and those do not require any interference being not having any substantial question of law to be adjudicated. - Decided in favour of assessee.
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