TaxTMI 
TaxTMI 
2026 (9) TMI 1785
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.... Sh. R.K. Kapoor, CA For the Department : Sh. Balkishan Gopal, Sr. DR ORDER PER MAHAVIR SINGH, VP: This appeal by the assessee is emanating from the order of the National Faceless Appeal Centre (NFAC), (hereinafter referred as CIT(A)), New Delhi dated 16.1.2026. Assessment was framed by the ACIT, Circle 9(1), Delhi vide order dated 11.12.2019 u/s 143(3) of the Income Tax Act, 1961 (her....
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....oks of accounts, including ledger accounts, stock register etc. The Assessing Officer raised a query vide questionnaire dated 7.10.2019 as under:- Q.No. 3 Please refer to clause 40 of TAR and explain fall in GP ratio by 0.82% (from 33.53% to 32.71%) equivalent to Rs. 27,87,404/- and fall in Net Profit by 17.49% (from 45.18% to 27.69% = 17.49%) equivalent to Rs. 5,94,53,304/-. Also submit ....
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....in appeal before the Tribunal. 7. We noted that the assessee has complete books of accounts including bills and vouchers, ledger accounts, stock registers, but no defect was pointed out by the AO. Even the books of accounts were not rejected. The assesee explained before the AO that there is fall in net profit ratio due to variation in GP to the extent of Rs. 23,12,595/-. The comparison of fina....