2014 (1) TMI 1970

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..... This is assessee's appeal directed against the order of learned CIT (A)- I, Lucknow dated 03/09/2013 for the assessment year 2010-11. 2. The grounds raised by the assessee are as under: "1. The Learned Commissioner of Income Tax (Appeals)-I, Lucknow [hereinafter referred to as the Ld CIT (A)] erred on facts and in law in allowing only part relief to the appellant and applying a N.P. rate of ....

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....as noted by learned CIT (A) on page 4, net profit rate was 5.99% in assessment year 2008-09 and 6.89% in assessment year 2009-2010 but this has to be considered that the turnover in the present year is almost three times of the turnover in these preceding years and, therefore, the net profit in the present year is bound to be lower. Regarding gross profit rate, he submitted that as per page 7 of t....

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.... average rate comes to 14.51% as against 13.70% declared by the assessee in the present year. This goes to show that the gross profit rate in the present year is lower by 0.81% as compared to this average rate of gross profit for the three years period including present year. We also feel that in any case, the addition in the present year cannot exceed 0.81% of the gross receipts. But at the same ....