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2016 (10) TMI 931 - ALLAHABAD HIGH COURT

2016 (10) TMI 931 - ALLAHABAD HIGH COURT - TMI - G.P.rate determination - Held that:- 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 o .....

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aid 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 counsel for the Department. This is an Income Tax Appeal filed by the assessee against the order dated 9th April, 2008, .....

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n independent reasoning nor having averted any of the grounds mentioned in the memo of appeal and raised before him, was not legally justified for upholding the application of Section 145(3) of the Income Tax Act and rejecting the books of accounts of the appellant? (II) Whether, there being no change in either method of accounting or the books of accounts maintained and employed by the applicant in respect of the previous years as also in the relevant year under question, the books of accounts .....

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y 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 .....

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vailable on record. From the records, it appears that during the assessment year under consideration the value of U.S. dollar came down against Rupee. In the earlier years dollar was available @ 48.27 but during the assessment it was available @ 45.22 only [as mentioned by the Ld. CIT(A) in his order at page 5]. 6. When the Rupee has become stronger against the dollar then G.P. rate sustained by the lower authorities appears on higher side. Though we uphold the application of Section 145(3) for .....

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