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2015 (12) TMI 136 - AT - Income TaxTrading addition - CIT(A) deleted the addition - Held that:- We have verified the facts, which are identical to A.y. 2008-09. The similar trading additions were made by the Assessing Officer by rejecting the books of account, not maintaining quantitative and qualitative details of stock and day to day stock register of raw material consumed. During the year, the assessee’s turnover has gone up whereas the G.P. rate has gone down compared to immediate preceding year but is more compared to A.Y. 2007-08 and 2008-09 except A.Y. 2009-10. The ld AR had explained the reasons for more G.P. rate in the A.y. 2009-10. As the ld CIT(A) has discussed the reasons for decline of GP rate i.e. competition in market, dollar price and recession in international market, which has not been controverted by the ld DR. Therefore, we uphold the order of the ld CIT(A). - Decided against revenue
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