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in the comparable case of MIs V. Kapoor Jewellers P. Ltd. cited by the Assessing Officer, the GP rate disclosed by the assessee was 10.86%. However, keeping in view that the turnover of the assessee in the said case was only 1.71 crores as against Rs.4.85 crores of the assessee, the Assessing Officer applied a GP rate of 4% on the ground that when the turnover increases, GP rate decreases. Having regard to all these facts, we are of the view that the GP rate of 4% applied by the Assessing Officer was fair and reasonable and the learned CIT(Appeals) was fully justified in confirming the trading addition made by the AO by applying the said GP. In that view of the matter, we uphold the impugned order of the learned CIT(Appeals) on this issue. The Assessing Officer, however, is directed to consider the alternative claim of the assessee as made by the learned counsel for the assessee before us of allowing the benefit of telescoping of trading addition with the addition to be made on account of peak credit after verifying the relevant facts".