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TMI Blog2012 (3) TMI 404X X X X Extracts X X X X X X X X Extracts X X X X ..... ee had filed a chart showing purchases and sales of 35 items. In these items, the rate of profit has varied from 6.32% to 26.45%. The gross profit on sales to the extent of 59,40,181/- is around 13%. The total turnover during the year under reference is 8.86 crores. ITAT has held that gross profit rate does not depend on the basis of specification of item, but it depends upon the quality, shine et ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the order dated 26.10.2009 passed by CIT(A) and order dated 19.03.2010 passed by the ITAT. For the assessment year 2006-07, the Assessing Officer applied gross profit rate of 19.43% as against the gross profit rate of 15.79% declared by the assessee. The CIT(A) upheld the application of gross profit rate @ 17%.The Revenue filed an appeal before the ITAT against the reduction in comparison to gr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cted on the ground, it has been rejected. Gross profit rate of 15.79%, declared by the assessee, ought to have been accepted. 4. After considering submissions of counsel appearing on behalf of the appellant, we find that discussion made by the ITAT is appropriate. The ITAT has taken into consideration the various factors, on which the gross profit rate is dependent, i.e. on the cost of purchases ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his year, it has been accepted at 17% by the CIT(A) and the order passed by the CIT(A) has been affirmed by the ITAT. In view of the reasons assigned by the CIT(A) as well as the ITAT in its orders, we find that no substantial question of law arises in the present appeal. The facts of the case and the evidence have been properly appreciated by the CIT(A) as well as the ITAT. 5. Consequently, the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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