GP ratio as per the audited accounts of the assessee is valid and princle of Resjudicat does not apply to IT proceedings

Last updated: 21 May 2012

Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
The grounds raised in the appeal by the Revenue read as under:- “1. That the Ld. Commissioner of Income Tax (Appeals) erred in law and on facts of the case in deleting the addition of ` 16,20,725/- by holding that the GP rate of 24.54% as shown by the assessee on the basis of audited accounts was to be accepted instead of GP rate of 30% applied by the Assessing Officer for making the addition. 2(a). The order of the Ld. Commissioner of Income Tax (Appeals) is erroneous and not tenable in law and on facts. (b). The appellant craves leave to add, alter or amend any / all of the ground of appeal before or during the course of the hearing of the appeal.”

Citation :
Asstt. Commissioner of Income Tax, Central Circle-9, New Delhi Room No. 357, ARA Centre, E-2 Jhandewalan Extn., New Delhi (Appellant) Vs. M/s Moets Bar-B-Cue, 50, Defence Colony Market, New Delhi – 110 024 (PAN/GIR NO.: AAAFM7936M) (Respondent)