2012 (3) TMI 597

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....ld. CIT (A) relating to assessment year 20077-08. 2. The assessee is objecting in confirming trading addition of ₹ 17,74,349/- made and confirmed by lower authorities by disallowing 25% on account of unverifiable purchases of ₹ 70,97,395/-. 3. During the assessment proceedings, the AO noted that assessee had made purchases of ₹ 70.97 lacs or odd from 6 parties which remained un....

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....the written submissions and arguments of ld. D/R, who placed reliance on the orders of the AO and ld. CIT (A), we find that assessee deserves to succeed in its appeal in part. The Jaipur Benches of the Tribunal is taking a consistent view that where certain purchases remain unverifiable then the rejection of books of account is justified. Therefore, we hold that rejection of books of account is ju....

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..... It is further seen that in immediately preceding year i.e. 2006-07 against disclosed GP rate of 24.78% the AO applied GP rate of 26.23%. The addition made by AO was deleted by ld. CIT (A) and the Tribunal has confirmed the order of ld. CIT (A) vide its order in ITA No. 457/JP/2009 dated 30.09.2009. The Tribunal has held that GP rate declared by assessee is quite reasonable. In the year under con....