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2017 (11) TMI 518 - HC - Income TaxRevision u/s 264 in favor assessee - CIT rejected the application - non furnishing books of account and other relevant material - GP determination - Held that:- On a perusal of the assessment order and the order passed by the (CIT) under Section 264 of the Act, we find that more than sufficient opportunity was provided to the assessee to explain his case of furnishing books of account and other relevant material. The assessee failed to avail the opportunity provided by the Assessing Officer on several occasions. Even during those instances where authorized representative of the assessee appeared, complete details were not filed. Accordingly, the profit rate of 12% to the gross receipts of the assessee was held to be quite reasonable on the basis of the material available before the Assessing Officer. Thus, the CIT finding no error in the order passed by the Assessing Officer, rightly concurred with the view taken by the Assessing Officer and rejected the petition filed by the petitioner under Section 264 of the Act. Even before this Court assessee had filed the certificate of gross profit rate and net profit rate for the Assessment years 2010-11 to 2014-2015 and there had been lot of variation in the profit rate of the assessee during these years and therefore, in the absence of production of books of account by the assessee, no benefit can be derived by him by claiming profit rate as applicable then. Moreover, the order passed by the (CIT) is dated 30.03.2015. The present petition has been filed after one year and eight months. Learned counsel for the petitioner has not been able to produce any material on record to substantiate his claim made in the petition. Consequently, finding no merit in the petition, the same is hereby dismissed.
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