2014 (12) TMI 1418

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.... H.L. KARWA, PRESIDENT This appeal by the assessee is directed against the order of ld. CIT(A), Bilaspur dated 30.11.2010 relating to A.Y. 2006-07. 2. The only effective ground raised by the assessee in this appeal reads as under :- "That the learned A.O. grossly erred in rejecting the audited report u/s 44AB and further erred in estimating the gross profit u/s 144 without consideri....

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....able income at Rs. 6,06,490/-. After processing return of income under section 143(1) of the Income Tax Act, 1961 (in short 'the Act'), the assessment was taken up for scrutiny and was completed under section 143(3) of the Act on 24.11.2008 computing total income at Rs. 15,48,153/-. During the course of assessment proceedings, the A.O. required the assessee to produce books of account. However, th....

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....issions have been carefully considered. In the instant case, the A.O. relied only on the G.P. disclosed in earlier years. The G.P. varies from year to year depending on several factors, such as local market conditions, fluctuations in rates etc. Though reference to earlier years results are also necessary, it alone is not sufficient to adopt higher G.P. for the relevant Asst. year without conducti....

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.... supposed to be guided either by previous results of the Appellant or some comparable case. - As held in the case of Madanlal vs. ITO (2006) 9 SOT 1 (Uro) Jodhpur, if the Appellant is able to explain, the magical figure of past year can not be applied in this year. It is more judicious to consider all these factors and in that eventuality, even past history may not have much relevance." ....