Addition based on mere Low GP Ratio not justified

 ITAT DELHI BENCH ‘G’ Income-tax Officer Versus Sai International Income Tax Appeal No. 1406 (Delhi) of 2012 [ASSESSMENT YEAR 2007-08] Date of Pronouncement- 28.09.2012 ORDER S.V. Mehrotra, Accountant Member This appeal filed by the Department is directed against the order of the learned Commissioner of Income-tax (Appeals) dated January 5, 2012 for the assessment year 2007-08. 2. The assessee, in the relevant assessment year, was manufacturing footwear and supplying its products to the retailers at the lower end of the market. It had filed its return of income d...