AO cannot take the position of business man to ascertain GP ratio
The ITAT, New Delhi in The ACIT, Circle-47(1), New Delhi v. Ashish Bansal dismissed the Appeal of the Revenue Department and held that the Commissioner has correctly deleted the addition made by the AO who merely by comparing industry gross margin and assessee’s gross margin added the differential margin to the income of the assessee without analysing business strategy of the assessee.