2016 (9) TMI 1544

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....oor (AM): This is an appeal filed by assessee against the order of learned CIT(A), Jalandhar dated 28.01.2016 for Asst. Year: 2009-10. 2. The only grievance raised by assessee in this appeal is the action of learned CIT(A), by which he has upheld the addition made by Assessing Officer on account of alleged difference between the value of stock arrived at by survey team and that of value calcul....

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....ing Officer made the addition of Rs. 2,59,420/- holding that the such stock were excess stocks held by assessee. The learned AR submitted that the Hon'ble Punjab & Haryana High Court in the case of CIT vs. Bhalla Bros. reported 10 TLR 45 has held that assumption of uniform gross profit rate in the case of all sales in each and every month was arbitrary and the discrepancies in the stock worked on ....

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.... holding or any other incriminating document during survey and also did not find any defect in the accounts maintained by the assessee during assessment proceedings. It was submited that books of accounts were not rejected and therefore, in accordance with Hon'ble Punjab & Haryana High Court decision in the case of CIT vs. K.S. Bhatia reported at 269 ITR 577 no addiion was warranted. 4. The lear....

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....y at sale prices is not at all justified. The assessee vide its letter dated 22.11.2011 placed at (PB 6 to 10) had submitted that the gross profit ratio earned by it for the last five years as is apparent from (PB-9) and has also filed the gross profit earned by assessee in the same trade by its competitors and had requested the Assessing Officer to consider the gross profits of these firms also b....