G.P. rate to be accepted if it is higher than average G.P. rate of last three years

Having perused the documents on record with the assistance of the learned counsel for the revenue, we notice that the Tribunal had though confirmed the view of the revenue authorities with respect to the rejection of the books of account of the assessee, did not accept the  re-computation of higher rate of gross profit on the premise that the average gross profit rate of last three years immediately  preceding the year  under consideration came to 14.79%.   On such basis, the Tribunal  found that the claim of gross   profit rate @ 15.27% cannot be stated to be low. On such basis, the a...