2014 (9) TMI 1153

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....ng the proper and reasonable opportunity to the appellant. 2. The Ld. CIT(A) erred in law as well as on the facts and circumstances of the case in confirming that the Assessing Officer was justified in rejecting the books of accounts of the appellant applying the provisions of section 145(3) of the Act. 3. The Ld. CIT(A) erred in law as well as on the facts and circumstances of the case in confirming the addition of trading profit of Rs. 1,84,253/- to the returned income of the appellant. 4. The appellant reserves the right to add to the above grounds of appeal and/or to amend, modify and to delete any of them on or before the hearing of appeal." 2 From the above grounds, it is gathered that the only grievance of the assessee re....

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....nd made the trading addition of Rs. 8,48,452/-. 4. Being aggrieved, the assessee carried the matter to the ld. CIT(A), who sustained the addition of Rs. 1,84,253/- by estimating the gross profit rate at 15% instead of 20% estimated by the Assessing Officer. The Ld. CIT(A) held that the Assessing Officer had only compared the gross profit rate declared by other concerns whereas as a general rule, the Assessing Officer should have compared all the facts like turnover, capital employed, locality etc. and not a pick & choose manner as done in the case of the assessee. He also pointed out that the turnover of all the comparable cases was much below the turnover of the assessee. Now the assessee is in appeal. 5. The learned counsel for the ....