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2015 (3) TMI 404 - DELHI HIGH COURT

2015 (3) TMI 404 - DELHI HIGH COURT - [2015] 374 ITR 22 (Del) - GP rejection - ITAT rejecting the assessee’s accounts on the footing that quantitative tally of the ingredients and raw materials were not maintained and proceeded to arrive at an improper GP Rate as well as the turn-over figures - Held that:- The assessee categorically appears to have submitted that a quantitative tally of all the raw materials consumed in the making/preparation of the final marketable product was being maintained. .....

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ing both by way of books as well as through a quantitative tally, the CIT (Appeals) should have addressed himself to the issue and rendered clear findings. Failure to have done so has prejudiced the assessee. Consequently, the impugned order is hereby set aside. The matter is remitted back to the CIT (Appeals) for fresh examination of the books of accounts - Decided in favour of the assessee. - ITA 743/2014 - Dated:- 9-3-2015 - Hon'ble Mr.S. Ravindra Bhat And Hon'ble Mr. R.K.Gauba JJ For .....

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ls were not maintained and proceeded to arrive at an improper GP Rate as well as the turn-over figures . 5. The assessee carries on his business in preparation and trading of Hing. The assessee filed its return for the Assessment Year (AY) 2010-11and declared an income of ₹3,15,210/-. In the scrutiny the Assessing Officer (AO) rejected the turn-over figures and the G.P.Rate of 3.57% of the total sale and instead directed that G.P.Rate of 10% be applied, against the total turn-over of ͅ .....

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ot taking into consideration that quantitative tally of ingredients and raw material was available in the records. It is contended that the AO s opinion was influenced by the fact that the GP Rate claimed was 3.57% for the concerned AY as against the total turn-over of ₹6,14,84,607/-. Learned counsel urges that the previous years turn-over figures did not follow any uniform pattern, both in respect of turn-over as well as in respect of GP Rate, and that the department in all its previous y .....

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of the raw materials was not maintained in the assessee s books. 7. Counsel for the Revenue contested the asessee s submissions by pointing out that by two appeals the assessee s contention was rejected after due consideration of material on record. Learned counsel highlighted that before the AO, the assessee had contended that due to family problems, the total turn-over for the current year in question had been lesser than previous years. 8. This Court has carefully considered the submissions b .....

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