TMI Blog2016 (10) TMI 931X X X X Extracts X X X X X X X X Extracts X X X X ..... lable to make an exact decision. The matter is, therefore, remanded back to the Tribunal with a direction to re-decide in the G.P. rate, which is to be applied for the assessment year in question, within a period of three months. The impugned rate of 15.5%, which has been fixed by the Tribunal, shall be kept in abeyance for the aforesaid period of three months or till the decision is taken by the Tribunal, whichever is earlier. - Income Tax Appeal No. 116 of 2008 - - - Dated:- 21-10-2016 - Hon'ble Bharati Sapru And Hon'ble Vinod Kumar Misra, JJ. For the Appellant : Nikhil Agrawal For the Respondent : C.S.C. ORDER Heard Sri Nikhil Agrawal, learned counsel for the appellant and Sri Gaurav Malviya, learned coun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion over the preceding years, thus, there being a fall of realization of 4.38% in Rupee terms which sufficiently and adequately explains the fall in G.P. rate of 4.24% and in view of the comparative gross profit rate chart in respect of different assessees having been submitted before the authorities as well as learned Income Tax Appellate Tribunal, the learned Income Tax Appellate Tribunal was not legally justified in arriving at the 15.5% G.P. rate merely on the basis of surmises and conjectures? (IV) Whether, the learned Income Tax Appellate Tribunal having noticed no serious infirmity in the profit and loss account, was not legally justified in applying the doctrine of equity, justice and good conscience in estimating the G.P. rat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lief from the orders of the lower authorities. When the Tribunal have itself recorded the value of the dollar and have come down in the given year then the G.P rate too should have been calculated on the basis of the rate which had come down. When exact rates were available then while making a calculation on an application under Section 145 (3) conclusion should have been taken by the Tribunal to reach at a correct G.P. rate and that alone in the interest of justice, equity and good conscience. The application in that way is not justified in the facts and circumstances of this case as the exact figures were available to make an exact decision. The matter is, therefore, remanded back to the Tribunal with a direction to re-decide in t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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