9911796707
TMI Blog2021 (1) TMI 1201X X X X Extracts X X X X X X X X Extracts X X X X ..... t appeal of the revenue and dismiss both the grounds of appeal raised in the Revenue appeal. - ITA No. 340/JODH/2019 - - - Dated:- 28-1-2021 - Shri Sandeep Gosain, Judicial Member And Shri Manoj Kumar Aggarwal Accountant Member For the Revenue :Shri K.C. Badhok, CIT DR. For the Assessee :Shri Amit Kothari, CA Shri Abhinav Kothari, CA. ORDER PER: BENCH The present appeal has been filed by the Revenue against the order of the ld. CIT(A)-2, Udaipur dated 22.7.2019 for A.Y. 2016-17 wherein the Revenue has raised the following grounds of appeal: 1. Whether on the facts and in law the ld. CIT(A) was justified to directing AO to apply the position of profits after interest but before depreciation in the year u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... contention of ld. AR with regard to each and every objection of the AO and the ld. CIT(A) in their respective orders. We had also deliberated on the various judicial pronouncements referred by the lower authorities in their respective orders as well as cited by the ld. AR and the ld. DR during the course of hearing before us in the context of factual matrix of the case. There is no dispute to the fact that their was some technical mistakes in the maintenance of books of account. Some of the observations made by the AO appears to be correct with regard to certain expenditure, however, the AO should not loose site of the gross profit rate shown by the assessee during the year as compared to the gross profit rate shown in the immediate precedi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oss profit of ₹ 131.34 crores. So far as the gross profit is concerned, the assessee had shown much better than gross profit rate of 29.29 % during the year under consideration as compared to the gross profit rate of 27.87% shown in the immediate preceding year. Now coming to the assessee claim of indirect expenses with regard to employees benefit expenses which had been claimed at ₹ 28.23 cores, financial cost i.e. interest expenses of ₹ 70.96 cores and administrative and other expenses of ₹ 40.47 crores. 24. Since we consider the gross profit shown by the assessee is reasonable, now question arises regarding claim of other indirect expenses in the form of employees benefit expenses, administrative and other e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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