2010 (9) TMI 161

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....ns stated in the application, delay in refiling the appeal is condoned. The application stands disposed of. 1. The present appeal has been filed under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as "Act, 1961") challenging the order dated 16th October, 2009 passed by the Income Tax Appellate Tribunal (for brevity "Tribunal") in ITA No. 2244/Del/2009 for the Assessment Year....

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....ring the year, the assessee has declared turnover of Rs. 1,30,48,735/- and gross profit of Rs. 25,32,873. However, the A.O. adopted the rate of gross profit at 10% for all the years and arrived the difference of Rs. 38,37,746/-. The AO has not discussed any discrepancies in respect of book profits declared by the appellant. Prima facie she has proceeded on surmises and on estimation without any ba....

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....roceeded on surmises and estimated without any basic ground to make such estimation. From perusal of the finding extracted supra it suggested that AO has not considered any provision of law before resorting to estimate the profit at a uniform rate of 10%. She has not bothered to point out what defect in the trading result of assessee. She simply proceeded that addition on estimation has to be made....