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2015 (6) TMI 929 - AT - Income TaxReopening of assessment - addition to income applying G.P rate of 14.97% on the suppressed receipts - whether GP/NP cannot be applied to such part of turnover represented by excise duty.? - CIT(A) deleted addition - A.O. also made addition on account of provisions of Section 40A(2b) - Held that:- From the findings of Ld. CIT(A) we observe that Ld. CIT(A) has passed a well speaking, elaborate and reasoned order wherein he has made clear cut findings and has rightly held that excise duty forming part of turnover as declared before trade tax authorities, cannot be subjected to gross profit. Similarly, the other addition made by A.O. u/s 40A(2)(b) has been rightly deleted as in original assessment proceedings also, the A.O. had made similar additions and Ld. CIT(A) had already deleted the same. Therefore, we do not find any infirmity in the order of Ld. CIT(A). - Decided in favour of assessee.
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