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Commissioner of Income Tax (Central) , Gurgaon Versus M/s Brinsar Foods Pvt. Ltd.

2015 (8) TMI 424 - PUNJAB AND HARYANA HIGH COURT

Non production of books of accounts - gross profit rate on estimate basis of information available on record and while making best judgement - AO only on the ground that the books had not been produced adopted a rate of 20% - Held that:- The CIT (App .....

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, [1937 (2) TMI 1 - PRIVY COUNCIL] was relied upon by the Tribunal, where it was held that the Asssessing Officer cannot act capriciously and on the basis of his personal knowledge of previous returns and local knowledge. In the present case, in any .....

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2-204-224-225-2015 - Dated:- 3-8-2015 - MR. S.J. VAZIFDAR AND MR. G.S. SANDHAWALIA, JJ. For The Appellant : Mr. Rajesh Sethi, Advocate, S.J. VAZIFDAR, A.C.J. (ORAL) These appeals are against a common order dated 31.10.2014 passed by the Income Tax Ap .....

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the facts and circumstances of the case, the Hon ble ITAT is justified in deleting the additions of ₹ 1,01,36,286/-, ₹ 80,31,236/-, ₹ 89,18,808/- and ₹ 99,45,783/- respectively made by the Assessing Officer under circumstance .....

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rate declared by the assessee should be accepted whereas such gross profit rate had no basis? (iii) Whether the impugned order dated 31.10.2014 passed by ITAT is neither sustainable in the eyes of law nor maintainable in the facts and circumstances .....

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duce the books of account. Admittedly, they failed to do so. It appears that there was a dispute between the Directors of the company each one blaming the other for the custody of the books. Be that as it may, the fact is that the books were not main .....

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005-2006 to 2008-2009. The Assessing Officer only on the ground that the books had not been produced adopted a rate of 20%. The Assessing Officer observed that in the trade in which the respondent is engaged, namely, poultry farming the GP rate norma .....

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n in the similar case where the assessment had been completed last year and I had found that the GP rate shown was in the range of 20% to 22%. 4. However, no particulars either of the visit or of the assessment order in such cases were furnished or e .....

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