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Income Tax Appellate Tribunal, DELHI BENCH ‘SMC-3’, NEW DELHI
Before: SHRI J. SUDHAKAR REDDY
ORDER This is an appeal filed by the assessee directed against the order of the Commissioner of Income Tax (Appeals)-XXV, New Delhi pertaining to the A.Y. 2007-08 dated 13.06.2014.
The assessee is carrying on the business of wholesale trade in dry fruits and other kirana items in her proprietorship concern under the name and style of M/s Sheetal Overseas.
The sole point for consideration is whether the estimation of profit by the Ld.CIT(A) at 4% of the total turnover is correct. After hearing rival contentions I find that the Assessing Officer in the assessee’s own case for the immediately preceding Assessment Year has estimated the gross profit at 2.07%. I am of the view that interest of justice would be met if the GP rate is estimated at 2.10% during the current Assessment Year. The Assessing Officer is directed to adopt the gross profit accordingly. In the result the appeal of the assessee is allowed in part
In the result, the appeal by the assessee stands partly allowed. Pronounced in the Open Court on 29th June, 2016.