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TMI Blog2013 (11) TMI 207X X X X Extracts X X X X X X X X Extracts X X X X ..... - There is no adverse remark in the audit report regarding the assessee maintaining the day-to-day stock register – Decided against Revenue. - ITA No.792/Ahd/2010 - - - Dated:- 1-2-2013 - Shri G. C. Gupta And Anil Chaturvedi,JJ. For the Appellant : Shri Rahulkumar, SR. DR For the Respondent : Shri Mehul Shah ORDER Per G. C. Gupta, Vice-President:- This appeal by the Revenue for the assessment year 2006-07 is directed against the order of the CIT(A)- I, Surat dated 8.1.2010. 2. The only ground of the appeal of the Revenue is as under:- 1. On the facts and circumstance of the case and in law, the ld.CIT(A) has erred in deleting the addition made by the AO of Rs.9,83,904/-on account of law GP." 3. The learned DR submi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... port of the case of the assessee. He referred to statement showing variation in sale and purchase price and its effect on the GP filed before the AO, copy of which has been filed in the compilation before the Tribunal. 5. We have considered rival submissions and have perused the orders of the AO and the CIT(A) and copies of various documents filed in the compilation filed by the assessee. We find that there is a fall in the GP rate of assessee from 22.60% of the immediately preceding assessment year to 14.39% during the relevant assessment year. However, we find that the turnover of the assessee has increased from Rs.2.15 crores of the immediately preceding assessment year to Rs.4.91 crores during the relevant period. This case seems to b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... We find that the facts of the case could not be correctly appreciated by the AO and the finding recorded by him seems to be contrary to the evidence produced by the assessee. We find that the CIT(A) has passed a well reasoned speaking order and has recorded that the sale price of the assessee has not increased in proportion to the increase in the purchase price of the assessee. He has further recorded that some products were new for the relevant year, which were not there in the earlier years and vice-versa and that each product has different margin. The CIT(A) has recorded that the AO has not brought any material to show that the purchases were bogus and inflated and sales were not accounted or under valued. The AO could not point out any ..... X X X X Extracts X X X X X X X X Extracts X X X X
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