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2016 (11) TMI 799 - PUNJAB AND HARYANA HIGH COURT

2016 (11) TMI 799 - PUNJAB AND HARYANA HIGH COURT - [2016] 387 ITR 408 - Addition made on account of low gross profit rate - rejection of the books of account - ITAT deleted addition - Held that:- AO adopted a gross profit rate of 41.50 per cent on the basis of the gross profit rate of M/s. Pardeep Publication involved in the similar business. That, however, cannot be the only ground for the purpose of determining the gross profit rate. CIT(Appeals) has dealt with the case of M/s. Pardeep Public .....

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books was less than that of the paper used by the assessee. The increase in the cost of paper itself was 60 per cent. The quality of the paper was also different the assessee having used thicker paper. There were more colours in the assessee's publication which would in turn increase the cost of publication. The Tribunal accepted this approach and the finding. - The Tribunal also noted that in the earlier years, the assessee's gross profit rate varied between 21 per cent. to about 24 per cen .....

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ment year 2006-07. 2. The appellant has raised four questions of law. Questions (ii), (iii) and (iv) are liable to be dismissed in view of our order and judgment dated August 11, 2016 in I. T. A. No. 232 of 2012 titled as CIT v. Smt. Satish Bala Malhotra (No. 1) [2016] 387 ITR 403 (P&H). That matter was also between the same parties. 3. The facts, however, leading to the proceedings in this case are the same as those in I. T. A. No. 232 of 2012. The same have been referred to therein. 4. Thi .....

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Commissioner of Income-tax (Appeals) on this ground but not upholding the consequential estimation of income by the Assessing Officer even though there are serious defects in the assessee's accounts ?" 5. At the outset, it may be noted that the Assessing Officer rejected the books of account, but the Commissioner of Income-tax (Appeals) upset that finding. The Tribunal, however, accepted the Assessing Officer's rejection of the books of account. Despite the same, the Tribunal accep .....

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