2012 (8) TMI 14

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.... Revenue are directed against the orders of the Commissioner of Income-Tax (Appeals)-IV, Ahmedabad dated 30-10-2009 for the assessment years 1998-1999, 1999-2000 and 2000-2001. All these appeals are being disposed of with this consolidated order.   2. At the time of hearing, none appeared on behalf of the assessee. Accordingly, the appeals of the Revenue are being decided ex parte qua the ....

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....before the Tribunal. The AO in the second round has himself reduced the figure of unaccounted sales in all three assessment years to a reasonable figure and has applied the GP rate of 28%. He relied on the order of the AO.   5. We have considered submissions of the learned DR and have perused the orders of the AO and the CIT(A). We find that there were defects in the account book maintaine....

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.... justified. 6. This leaves us to only issue of adjudicating the reasonableness of 28% GP rate applied by the AO. We find that the AO could not adduce any cogent reason for applying the higher GP rate of 28%. We find that the assessee has declared GP rate of 13.06% to 21.76% in various assessment years 1998-1999 to 2003-2004 which shows an average rate of GP at 18.36%. The CIT(A) has recorded th....

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....disclosed by the assessee on disclosed turnover) and GP rate of 21.76% for the asstt.year 2000-2001 (the rate disclosed by the assessee on the disclosed turnover) and the Ground No.1 of the Revenue's appeals is partly allowed.   7. The identical Ground No.2 in all the three appeals reads as under:] "2. On the facts and in the circumstances of the case, the ld.CIT(A) has erred in deletin....