2010 (3) TMI 1154

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....S SWATI SOPARKAR FOR THE RESPONDENT ORAL JUDGMENT (Per : HONOURABLE MR. JUSTICE D.A.MEHTA) 1. This appeal filed under Section 260-A of the Income- Tax Act, 1961 (the Act) by Revenue proposes following question:- "Whether the Appellate Tribunal is right in law and on facts in confirming the order passed by the CIT(A) and thereby deleting the addition of ₹ 54,38,457/- by adopting adhoc....

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.... following ground:- "The ld. CIT(A) has erred in law and on facts in deleting the addition of ₹ 54,38,457/- by adopting adhoc GP of 5% though the AO has discounted GP rate @5% as against comparable GP rate of 7.81% considering increase in various costs relied upon by the CIT(A)." 4. The Tribunal has deleted the addition holding that the finding of Commissioner (Appeals) that books of acco....