ASIAN GLOBAL LTD.,NEW DELHI vs. ITO,WARD-3(3), NEW DELHI

Heard both the parties at length. Case file perused.

Coming to the assessee’s sole substantive ground challenging both the learned lower authorities action enhancing his GP declared from 3.66% to a lump sum figure of Rs.34,94,760/-, in the course of assessment framed on 27.12.2017 as upheld in the lower appellate findings, both the learned representative reiterate their respective stands. The assessee pleads that it’s duly audited book result have nowhere been specifically rejected whereas the Revenue’s case is that the assessee’s preceding twin GP rate was 6.51% in A.Y. 2013- 14 and 14.38% in A.Y. 2014-15, respectively, and therefore, it Asian Global Ltd.

I have given my thoughtful consideration that the foregoing rival submissions and find no reason to accept either party’s stand(s) in entirety. This is for the precise reason neither the assessee has been able to plead and prove the foregoing variation in it’s profit rate nor the department could pinpoint any specific defect(s) in the audited books.

Be that as it may, it is deemed appropriate in these peculiar facts that a lump sum profit @ 4.5% only in the given facts would be just and proper with a rider that the instant estimation shall not be treated as a precedent. Learned assessing authority shall ensure that it’s consequential computation shall compute the assessee’s gross profit @ 4.5% as against 3.66% declared in the book results in very terms. Ordered accordingly.

No other ground or argument has been pressed during the course of hearing.

This assessee’s appeal is partly allowed in above terms. Order Pronounced in the Open Court on 02/01/2025. (Satbeer Singh Godara)