2016 (3) TMI 1216

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.... R. P. Tolani (Judicial Member) The assessee has filed an appeal against the order of ld. CIT(A)-II, Jaipur dated 09-03-2015 raising therein grounds as under:- "1. That on the facts and circumstances of the case, the ld. CIT(A) went wrong in confirming the addition of Rs. 27,32,657/- by applying gross profit rate of 31% estimated by the AO. 2. That no comparative case was giv....

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....s, expenditure and stock maintenance, comparative stock inventory prepared by the assessee is based on the record and lower authorities have not pointed out any specific defects in the valuation of the closing stock and items. In our considered view, the books of account of the assessee cannot be rejected in such casual manner and summary manner. We find merit in the arguments of the ld. AR of the....

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....essment year 2007-08, substantial gross profit addition was reduced by the ld. CIT(A) on same facts and circumstances of the case to a meager figure. The reason for fall in assessee's gross profit cannot be brushed aside. The fact is that there is a stiff competition in the global market and it is a buyer market which cannot be disputed. In view of these deliberations, we see no justification ....