2026 (5) TMI 831

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....RWAL, AM : The present appeal is filed by Revenue against the order dated 31.05.2024 by Ld. Commissioner of Income Tax (A), National Faceless Appeal Centre ("NFAC"), Delhi ["Ld. CIT(A)"] in Appeal No. CIT(A), Delhi-12/10257/2019-20 passed u/s 250 of the Income Tax Act, 1961 ["the Act"] arising out of assessment order dated 23.12.2019 passed u/s 143(3) of the Act pertaining to Assessment Year 20....

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.... applying G.P. rate of 5.90% i.e. G.P rate declared in the immediately preceding year. Explanation of the assessee before Ld. CIT(A) was that there was fluctuation in the market and assessee filed report of Department of Agriculture and Co-operation ("DAC"), Agmarknet & Agriwatch, according to which the prices of pulses had fallen from December, 2016 onwards. The assessee further claimed that turn....

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....G.P rate declared in the year under appeal, no addition is required to be made. With this direction, Ground of appeal No.1 raised by the Revenue is partly allowed. 5. Ground of appeal No.2 raised by the Revenue is with respect to the deletion of disallowance of INR 17,94,849/- made out of business promotion expenses. 6. Heard the Ld. Sr. DR for the Revenue and perused the material available ....