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TMI Blog2012 (10) TMI 124X X X X Extracts X X X X X X X X Extracts X X X X ..... efore it revealed that the assessee has been shifting the stand. Decision in favor of revenue. Addition on account of higher GP rate – Assessee has two trading firms in two states – Assessee failed to furnish quantitative details of stock - AO apply higher GP rate of one firm on other firm to compute its income - Assessee also filed GP rates & details of other comparable cases to CIT(A)- During remand report done by AO, assessee could not submit complete books of accounts, bills/vouchers – CIT(A) apply GP rate of another firm of same city to assessee – Held that:- As assessee not submitted the full bills/vouchers. In that opinion of CIT(A) is justified. Appeal decided against assessee. - I.T.A.No.3423/Del/2008 - - - Dated:- 13-7-2012 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r who advanced Rs.18,000/- to the assessee, no reply was received from him. The AO examined the replies but did not find the replies acceptable. He made the addition of Rs.2,61,000/-. 3. Before the CIT(A) it was submitted by the assessee that all the creditors were genuine and could be produced if the AO orders to do so. The learned CIT(A) remanded the matter to the AO who vide letter dated 17.01.2007 gave reply in respect of 13 persons who have confirmed the loan explaining the source. However, in case of Shri Vipin Kumar no such reply was given. The learned CIT(A) deleted the addition in case of 13 loan creditors except Shri Vipin Kumar who advanced Rs.18,000/- as his identity and creditworthiness was not proved. 4. Before us the le ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n. The assessee filed copy of cheque for Rs.1,25,000/- which was deposited in the bank account No.42136 on 26.08.2002 in the account of Vivek Enterprises. Since the assessee could not prove the identity and creditworthiness of the creditor by filing documentary evidence, the Assessing Officer made addition of Rs.1,25,000/-. 7. During the appellate proceedings before the CIT(A) it was submitted by the assessee that Shri Kapil Gupta S/o Shri K.K. Gupta, R/o B-31, Vivek Vihar, New Delhi advanced this amount from his saving account No.24341, Canara Bank, Vivek Vihar Branch, New Delhi through Cheque No.705731 dated 24.08.2002. The amount was advanced from the sources received by gift. The photocopy of Passbook and gift deed was to be submitt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Unit of Vivek Enterprises, the assessee had shown G.P. rate of 12.3% while in the case of S.G. Enterprises the G.P. declared was 5.5%. The AO applied the rate of Vivek Enterprises in the case of S.G. Enterprises also on the ground that the assessee has failed to furnish quantitative details of the opening stock, purchases and closing stock. The purchase vouchers of the goods on day-to-day basis indicating the quantity, rate and the cost were not produced despite several opportunities provided to the assessee. 11. During the appellate proceedings the learned CIT(A) called for a remand report from the Assessing Officer. The AO on verification of books of accounts, bills/vouchers found that the assessee was unable to furnish complete bills/v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... %, the learned CIT(A) directed the AO to adopt the same G.P. rate as S.G. Enterprises and Simran Traders were located in the same area. 12. We have heard both the parties and gone through the material available on record. During the course of hearing the learned AR of the assessee submitted that G.P. rate applied was higher. However, he could not deny that there was difference in G.P. rate admitted by S.G. Enterprises and Simran Traders. The learned CIT(A) has applied the G.P. rate of 7.59% admitted by Simran Traders. It is also a fact that full bills/vouchers were not submitted by the assessee in the case of S.G. Enterprises. In view of these facts in our considered opinion the estimation of G.P. rate at 7.59% appears to be justified. Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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