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2016 (10) TMI 931 - HC - Income TaxG.P.rate determination - Held that:- When the Tribunal have itself recorded the value of the dollar and have come down in the given year then the G.P rate too should have been calculated on the basis of the rate which had come down. When exact rates were available then while making a calculation on an application under Section 145 (3) conclusion should have been taken by the Tribunal to reach at a correct G.P. rate and that alone in the interest of justice, equity and good conscience. The application in that way is not justified in the facts and circumstances of this case as the exact figures were available to make an exact decision. The matter is, therefore, remanded back to the Tribunal with a direction to re-decide in the G.P. rate, which is to be applied for the assessment year in question, within a period of three months. The impugned rate of 15.5%, which has been fixed by the Tribunal, shall be kept in abeyance for the aforesaid period of three months or till the decision is taken by the Tribunal, whichever is earlier.
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