TMI Blog2008 (8) TMI 126X X X X Extracts X X X X X X X X Extracts X X X X ..... ate by the Tribunal on ground that tribunal ignored the relevant material concerning assessee's own result of the previous year, is not justified – tribunal’s decision cannot be vitiated – revenue’s appeal dismissed - 39 of 2006 - - - Dated:- 19-8-2008 - SHRI N P GUPTA,J. and SHRI KISHAN SWAROOP CHAUDHARI,J. Mr. K.K. Bissa, for the appellant / petitioner Mr. Dinesh Mehta, for the respo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... asons, and invoked provisions of Section 145 of the Income Tax Act, and made assessment by applying gross profit rate of 15% on the sales disclosed by the assessee, and accordingly additions were made to the different result. This matter relates to assessment year 2000-01. The Assessing Officer for arriving at this conclusion considered that the assessee had disclosed gross profit rate of 2.30% as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ra-4 and it was found that the Assessing Officer considered certain cases as comparable applied G.P. Rate of 15% which was reduced in appeal to 14.5 % but then it was considered that the Assessing Officer does not get unfettered powers to apply any G.P.Rate of his choice, and he is supposed to be guided either by the G.P.Rate declared by the assessee or the profit rates declared by the comparable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Revenue that in the year 1998-99 the Gross Profit rate at 16.04% was applied, and therefore, there was no justification for the Tribunal to reduce the Gross Profit rate at 2.51%. Learned counsel for the assessee supported the impugned order, and informed that the Gross Profit rate of 2.51% as applied in the assessment year 1999-2000 was applied after scrutiny of return, and this Gross Profit ra ..... X X X X Extracts X X X X X X X X Extracts X X X X
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