2019 (7) TMI 1224

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... (PER : HONOURABLE MR.JUSTICE J.B.PARDIWALA) 1.00. This appeal under section 260(A) of the Income Tax Act, 1961 (for short "the Act, 1961") is at the instance of the revenue and is directed against the order passed by the Income Tax Appellate Tribunal, C-Bench, Ahmedabad dated 23/01/2019 in ITA No.2600/AHD/2016 for the A.Y. 2012-13. 2.00. The revenue has proposed the following questions o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Rerolling of Steel. It manufactures Angles, flat, Square and Round Bars, TMT etc. by using iron and steel plates obtained from the ship breaking industry as its principal raw material. 4.00. We take notice of the fact that the tribunal took into consideration the order passed by the Co-ordinate Bench in the assessee's own case for the A.Y. 2010-12. The findings recorded by the tribunal are....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....45(3) of IT Act, 1961. The arguments of AO have rationale but have been critically analyzed. The addition can't be sustained to the extent it is done in assessment order. Therefore, a rational method to uphold the addition has to be carved out from the facts and figures record. An attempt is being made to make GP addition. The GP ratio is on decline and the same has become negative in A. Y.201....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....GP at 4.65% is accepted then the GP addition for A.Y. 2012-l3 and A.Y.2013-14 is computed at Rs. 5,25,667/- and Rs.l,58,614/- respectively. Hence it is considered quite fair and reasonable to compute the GP addition for A.Y.2012-13 at Rs. 5,25,667/-. As all the expenditure has already been accounted while computing the basic GP percentage of 4.48, no further deduction for any expenses can be given....