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2015 (4) TMI 973 - AT - Income TaxAddition on account of concealment of income - Rejection of books of account - AO observed Variation in the rates of bullion in a single day - Estimated the profit @ 0.5% of the total turnover of pure gold - Held that:- We find that the average gross profit as a percentage of turnover of Pure Gold was less than 0.098% as returned by the assessee for the current A.Y except for the assessment year 2008-09 where the gross profit return was 0.1%. In view of the consistent profitability of the assessee is less than the percentage offered for this year (except for a marginal increase in the AY 2008-09), no specific circumstances was brought to our notice by the Revenue for adopting a higher rate of gross profit as adopted by the AO or the CIT (A). Therefore, we allow the cross objection filed by the assessee and dismiss the appeal of the Revenue. - Decided in favour of assessee.
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