TMI Blog2016 (3) TMI 1216X X X X Extracts X X X X X X X X Extracts X X X X ..... it addition was reduced by the ld. CIT(A) on same facts and circumstances of the case to a meager figure. The reason for fall in assessee's gross profit cannot be brushed aside. The fact is that there is a stiff competition in the global market and it is a buyer market which cannot be disputed. In view of these deliberations, we see no justification in making any gross profit addition. Thus we do ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. CIT(A) went wrong in not appreciating the working of cost and G.P. for 4 different items given to AO and to ld. CIT(A). 2.1 At the outset of the hearing, the ld. AR of the assessee relied on the order dated 18-12-2015 of this Bench in assessee's own case for the assessment years 2008-09 and 2009-10 in ITA No. 713 and 714/JP/2013 wherein the appeal of the assessee was allowed by this Ben ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... day production stock in the readymade garments trade is impossible to be maintained by the assessee. Adverse inference drawn about the expenses under the head stitching, embroidery, dying and printing being high have neither been justified ld AO nor any disproportionateness in comparative figure has been demonstrated. Thus in our view, the books of account of the assessee are not liable to be reje ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... endorse the rejection of books of account and there is no justification in estimation of any gross profit addition. The ground raise in this behalf by the assessee in both the years are allowed. 2.2 The ld. DR relied on the orders of the lower authorities. 2.3 We have heard the rival contentions and perused the materials available on record. We find from the records that similar issue in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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