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TMI Blog2017 (3) TMI 1546X X X X Extracts X X X X X X X X Extracts X X X X ..... the discrepancy found during the course of search and for fall in GP which were more than sufficient to meet the above addition. Since no specific defects have been pointed out in the maintenance of the books of account, therefore, Assessing Officer was not justified in enhancing the profit rate of the assessee for the purpose of making the addition. - Decided against revenue - ITA No. 679/Chd/2016 - - - Dated:- 1-3-2017 - Bhavnesh Saini (Judicial Member) And Annapurna Gupta (Accountant Member) For the Appellant : Sushil Kumar, CIT-DR Respondent by : Ashwani Kumar, CA ORDER Bhavnesh Saini (Judicial Member) This departmental appeal has been directed against the order of ld. CIT(Appeals)-5 Ludhiana dated 18.03.2016 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e rejected and the gross profit was determined by applying a GP rate of 37% resulting in addition of ₹ 35,24,925/-. Further, the AO made disallowance of 15% out of total vehicle expenses on account of personal use, resulting in addition of ₹ 2,01,830/- 3. The ld. CIT(Appeals), however, deleted the entire addition. His findings in paras 3.1.1 to 3.1.3 are reproduced as under : 3.1.1 The facts of the case, the basis of assessment and additions made by the A.O. and the submissions/arguments of the AR during the appellate proceedings have been considered. The AR has submitted that additional income of ₹ 250 Lacs surrendered during search has been duly reflected in the books of account; ₹ 220 lacs as additional in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of account or bills or vouchers etc. Only on account of fall in GP or increase in one expense cannot be a basis for rejection of books of accounts. The AR has quoted case laws also in his favour. 3.1.3 After examination the documents filed with the submissions it is seen that vide letter dated 18.01.2013 quantitative and value wise details of opening and closing stock and basis of valuation was given to the AO. Also month wise details of purchases and sale (value wise) and yearly sales purchase quantity wise was also given. During the appellate proceedings, a copy of the same has been filed and placed on record. The AR has given a detailed analysis of power and fuel consumption for the current year compared with last year along with ..... X X X X Extracts X X X X X X X X Extracts X X X X
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