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of <h1>Dispute over GP Rate Adjustment: Assessing Officer's Addition Rejected, ITAT Adjusts Rate</h1> <h3>Jitendra Kumar Nigam, Versus DCIT And ACIT, Circle-2, vs. Shri Jitendra Kumar Nigam</h3> Jitendra Kumar Nigam, Versus DCIT And ACIT, Circle-2, vs. Shri Jitendra Kumar Nigam - TMI Issues Involved:Cross appeals against trading addition of Rs. 13,24,130 by AO at 9% GP rate instead of 7.18% declared by assessee.Analysis:Issue 1: Trading Addition Dispute- The AO made a trading addition of Rs. 27,42,651 due to unverifiable purchases, rejecting books under section 145(3) of the IT Act.- Assessee appealed citing tough competition affecting GP rate, maintaining sales by reducing prices.- CIT(A) upheld rejection of books but directed applying 9% GP rate based on past history and decline in turnover.- ITAT considered previous case, directing 8% GP rate for current year due to declining GP rate and tough competition.- Decision based on past history, current events, and fair assessment of GP rate adjustments.- Assessee's appeal partly allowed, department's appeal dismissed, modifying GP rate to 8% for fair assessment.This detailed analysis covers the trading addition dispute, the rejection of books, application of GP rates, past history influence, and the final decision modifying the GP rate for a fair assessment.
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