2016 (3) TMI 1216

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..... sessee has filed an appeal against the order of ld. CIT(A)-II, Jaipur dated 09-03-2015 raising therein grounds as under:- "1. That on the facts and circumstances of the case, the ld. CIT(A) went wrong in confirming the addition of Rs. 27,32,657/- by applying gross profit rate of 31% estimated by the AO. 2. That no comparative case was given by AO. 3. That the ld. CIT(A) went wrong in not app .....

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..... ed by the assessee is based on the record and lower authorities have not pointed out any specific defects in the valuation of the closing stock and items. In our considered view, the books of account of the assessee cannot be rejected in such casual manner and summary manner. We find merit in the arguments of the ld. AR of the assessee that maintenance of day today production stock in the readymad .....

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..... and circumstances of the case to a meager figure. The reason for fall in assessee's gross profit cannot be brushed aside. The fact is that there is a stiff competition in the global market and it is a buyer market which cannot be disputed. In view of these deliberations, we see no justification in making any gross profit addition. Thus we do not endorse the rejection of books of account and th .....

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