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Commissioner of Income-Tax Versus Satish Bala Malhotra and others (No. 2)

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

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 Publication in considerable detail and found substantial differences between th .....

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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 cent. In the year in question, it was 25.34 per cent. The Tribunal did not, .....

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stions (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. This brings us to question (i) raised by the appellant which reads as under .....

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e 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 accepted the Commissioner of Income-tax (Appeals)' decision to accept the .....

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