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2015 (8) TMI 424

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..... d the Tribunal rightly observed that there was no incriminating evidence against the respondent and no comparable cases had been cited for arriving at the GP rate of 20% to 22%. A judgement of the Privy Council in CIT Vs Laxmi Narain Badridas, [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 .....

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..... law arise in these appeals:- (i) Whether as per law and in 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 circumstances when assessee did not produce books of account and the Assessing Officer applied gross .....

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..... 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 maintained and admittedly were not in the registered office where they ought to have been maintained. The question in these appeals is the GP rate to be applied. The assessee disclosed GP rates of 11.82%, 6.58%, 12.06% and 8.8% for the assessment years 2005-2006 to 2008-2009. Th .....

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..... CIT (Appeals) and the Tribunal rightly observed that there was no incriminating evidence against the respondent and no comparable cases had been cited for arriving at the GP rate of 20% to 22%. A judgement of the Privy Council in CIT Vs Laxmi Narain Badridas, 5 ITR 170 was relied upon by the Tribunal, where it was held that the Asssessing Officer cannot act capriciously and on the basis of his pe .....

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