2016 (8) TMI 1159

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Sh. Bhawani Shankar (DR) ORDER PER T. S. KAPOOR (AM): This is an appeal filed by assessee against the order of learned CIT(A), Jalandhar dated 27.10.2015 for Asst. Year:2008-09. 2. The assessee has taken sever grounds of appeal, however, crux of grievance of assessee is the action of learned CIT(A), by which he had confirmed the trading addition of Rs. 10,00,000/- made by Assessing Off....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ock is determining as per the Gross Profit rate fixed by the partners. In view of the above and in view of the comparison of trading results of M/s Satish Steel Works which had declared the G.P rate 17.34%, the books of account of the assessee were rejected and adhoc addition of Rs. 10,00,000/- was made. 5. The assessee filed appeal before learned CIT(A). The learned CIT(A) also dismissed the a....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....sults in which G.P rate of 16.10% was declared. The learned AR further submitted that assessee was maintaining all the books of account and was consistently following the method of accounting and there is no adverse finding regarding method of accounting and no irregularity in the accounts was pointed out. 8. The learned DR, on the other hand, heavily placed his reliance on the order of authori....