2005 (3) TMI 416

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....is directed against the order of the CIT(A), dt. 21st March, 2003. 2. Briefly stated, the facts of the case are that the appellant-firm derived income from excavation of marble blocks from its own mines for sale of slabs after sawing the same on its gang saw machine, In addition, the assessee also derived income from job works of sawing for third parties, The assessee-firm also purchases slabs ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the ITO's office. As a consequence of the survey, the assessment order dt. 18th Dec., 1998 was passed on total income of Rs. 2,63,550 by making total addition of Rs. 2,50,120 under various heads, namely, trading addition, addition on account of excess stock and addition under s. 69, inter alia. The AO rejected the books of account, applied GP rate of 20 per cent on the sales disclosed as against G....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....w the overall situation in this line of business as has also been accepted by the CIT(A) and also this Bench has been taking a view that the GP rate cannot be uniform in this line of business without any specific and material base, addition should not be simply made even if provisions of s. 145 of the Act are applied. In my considered opinion, the GP rate declared by the assessee should have been ....