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TMI Blog2019 (3) TMI 1065X X X X Extracts X X X X X X X X Extracts X X X X ..... t 5.20%. In AY. 2011-12, the turnover reported by the assessee is ₹ 21.83 Crores and assessee disclosed GP rate at 3.44% and the tribunal adopted GP rate of 3.50% in that year. Going by these facts and the basis adopted by the Tribunal in that year that when the turnover goes up, GP rate goes down slightly. Thus we feel it proper to adopt GP rate of 3.84% being average of GP rate declared ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ept Ground No. 6 are rejected as not pressed. Ground No. 6 is reproduced hereunder: 6. The Ld. CIT(A) erred in confirming and treating ₹ 3,71,263/- being purchases made from M/s. Shreejee Commercial Corporation as bogus non-genuine expenditure and thereby erred in adding the same to the total income of the assessee under section 69C of the Income Tax Act, 1961 . 3. Regarding Ground ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pointed out that it was held by the Tribunal that there was increase in NP margins slightly. He further pointed out that in that year, the Tribunal held that GP rate should be adopted at 3.50% as against 3.44%, shown by the assessee. At this juncture, it was observed by the bench that in the present year, the turnover of assessee is ₹ 16.62 Crores as against ₹ 21.83 Crores in AY. 2011 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order, assessee was having a turnover of ₹ 10.19 Crores in AY. 2008-09 and in that year, the assessee reported GP percentage at 5.20%. In AY. 2011-12, the turnover reported by the assessee is ₹ 21.83 Crores and assessee disclosed GP rate at 3.44% and the tribunal adopted GP rate of 3.50% in that year. Going by these facts and the basis adopted by the Tribunal in that year that when th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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