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TMI Blog2020 (11) TMI 600X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee has not preferred any grounds of appeal. Estimation of profits in the first case the assessee has shown GP of 2.31% and in the second case the assessee has shown the GP of 1.8% in their respective accounts which are audited. Taking into consideration the contention of both the parties and since the revenue is not in appeal against the action of Ld. CIT(A), for the ends of justice, we direct the AO to compute the GP of both the assessee s at 2.5% of their respective turnovers. Thus, both the assessee s get partial relief. - I.T.A. No. 604/Kol/2019, 631/Kol/2019 (Assessment Year: 2014-15) - - - Dated:- 21-10-2020 - Shri J. Sudhakar Reddy, AM And Shri A. T. Varkey, JM For the Appellant: Shri Soumitra Choudhury, Advocate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s given by NABARD and other Institutions wherein the average GP comes from the business of rice mills at 6.2% on the turnover of rice bran production from paddy. However, in this case, the AO made an addition of GP at 7% of turnover of assessee and thus made an addition of ₹ 1,08,86,650/-. Aggrieved, both the assessee s preferred separate appeals before the Ld. CIT(A), who was pleased to confirm GP @3% of their respective turnover after taking note of fifteen comparable cases and thus gave partial relief to both the assessee s. Against the impugned order of Ld. CIT(A) both the assessee s are in appeals before us. 5. We have heard rival submissions and gone through the facts and circumstances of the case. We note that both these r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h the assessee s has not been considered and if it was considered by the Ld. CIT(A) then the GP would have come down. Be that as it may be, we note that in the first case the assessee has shown GP of 2.31% and in the second case the assessee has shown the GP of 1.8% in their respective accounts which are audited. Taking into consideration the contention of both the parties and since the revenue is not in appeal against the action of Ld. CIT(A), for the ends of justice, we direct the AO to compute the GP of both the assessee s at 2.5% of their respective turnovers. Thus, both the assessee s get partial relief. 6. In the result, both the appeals of assessee s are partly allowed. Order is pronounced in the open court on 21st October, 202 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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