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TMI Blog2016 (5) TMI 347X X X X Extracts X X X X X X X X Extracts X X X X ..... m addition of ₹ 5.00 lacs is directed to be made which will meet the ends of justice to both the parties. - Decided partly in favour of assessee - ITA No. 736/JP/2012 - - - Dated:- 31-3-2016 - SHRI T.R. MEENA,AM SHRI LALIET KUMAR, JM For The Assessee : Shri B.L. Gupta, CA For The Revenue : Shri Ajay Malik, Addl. CIT ORDER PER LALIET KUMAR, JM This is an appeal filed by the assessee against the order of the ld. CIT(A)-1, Jaipur dated 11-05-2012 for the assessment year 2009-10 wherein the solitary issue of the assessee is that the ld. CIT(A) has erred in confirming the addition of ₹ 7,90,335/- instead of deleting fully without any basis of justification which is on account of applying higher gross p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mst. Katiji and Others, 167 ITR 471 wherein the Hon'ble Court has observed as under:- The Legislature has conferred power to condone delay by enacting section 5 of the Limitation Act, 1963, in order to enable the courts to do substantial justice to parties by disposing of matters on merits. The expression sufficient cause in section 5 is adequately elastic to enable the courts to apply the law in a meaningful manner which subserves the ends of justice--that being the life-purpose of the existence of the institution of courts. A justifiably liberal approach has to be adopted on principle. Every day's delay must be explained does not imply a pedantic approach. The doctrine must be applied in a rational, common sense ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year i.e. A.Y. 2008-09. The AO considered the return of income filed by the assessee; details filed during assessment proceedings and examined the books of account produced by the assessee with the following bifurcation of three assessment years of the assessee. A.Y. Sales G.P. Percentage 2009-10 50,57,58,331.04 4,44,75,016.95 8.80 2008-09 36,04,94,486.10 3,17,94,415.69 8.81 2007-08 20,21,97,815.87 2,04,67,562.69 10.13 The AO observed that the assessee ne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of 8.95% in the previous A.Y. As the matter is covered by the finding of the Hon'ble ITAT the G.P. rate is estimated at 8.95% during this A.Y. which results in a G.P. of ₹ 4,52,65,371/- against the G.P. shown by the assessee of ₹ 4,44,75,016/-. After giving a set off of the G.P. already shown by the appellant a trading addition of ₹ 7,90,355/- is confirmed. 3.3 Now the assessee is before us praying that the Coordinate Bench of ITAT vide its order dated 09-01-2012 in assessee's own case in ITA No. 693/JP/2011 for the assessment year 2008-09 had made a GP addition at ₹ 5,00,000/- against gross profit rate of 8.81% shown by assessee by following observations. 9. After considering the submissions and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /sale vouchers. All other expenses are also vouched. The job charges paid by assessee are also vouched. A small portion of job charges is paid through self made vouchers. It is not the case that they were not genuine or not correctly made. Keeping all these facts in mind, we are of the considered view that AO was not justified in applying 12% GP rate against 8.81% shown by assessee. There is a substantial increase in sales and it is bound to be declined some GP ratio on this account also. Keeping in mind all these facts, we are of the view that if a lump sum GP addition at ₹ 5,00,000/- is made against 8.81% shown by assessee, that will meet the ends of justice to both the parties. We order accordingly. 3.4 During the course of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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