TMI Blog2016 (8) TMI 1159X X X X Extracts X X X X X X X X Extracts X X X X ..... ce of day to day stock records is quite different in this case and similarly it is not possible to maintain consumption records on day to day basis due to the nature of business. The assessee has declared G.P rate of 16.12% as compared to G.P rate 16.10%. We further find that assessee during the proceedings before learned CIT(A) had submitted that assessee was following same system of accounting a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nkar (DR) ORDER PER T. S. KAPOOR (AM): This is an appeal filed by assessee against the order of learned CIT(A), Jalandhar dated 27.10.2015 for Asst. Year:2008-09. 2. The assessee has taken sever grounds of appeal, however, crux of grievance of assessee is the action of learned CIT(A), by which he had confirmed the trading addition of ₹ 10,00,000/- made by Assessing O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing stock is determining as per the Gross Profit rate fixed by the partners. In view of the above and in view of the comparison of trading results of M/s Satish Steel Works which had declared the G.P rate 17.34%, the books of account of the assessee were rejected and adhoc addition of ₹ 10,00,000/- was made. 5. The assessee filed appeal before learned CIT(A). The learned CIT(A) also dis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... preceding years results in which G.P rate of 16.10% was declared. The learned AR further submitted that assessee was maintaining all the books of account and was consistently following the method of accounting and there is no adverse finding regarding method of accounting and no irregularity in the accounts was pointed out. 8. The learned DR, on the other hand, heavily placed his reliance on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pecific defect pointed out by Assessing Officer in the books of account. Moreover, we find that the trading results of M/s Satish Steel Works were not confronted to the assessee and assessee was not provided opportunity to rebut the same. The findings of learned CIT(A) that trading results of M/s Satish Steel Works were confronted to assessee is not correct. In view of the above, we hold th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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