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Showing contexts for: turnover decrease in Ito 32(2)(1), Mumbai vs Jigar V. Shah, Mumbai on 12 February, 2019Matching Fragments
Even when it is not the case of the Revenue that sales turnover of the assessee has decreased or the net profit ratio is less than the earlier assessment years or the subsequent assessment years, then, in our view, making addition on assumption that the assessee would have booked a lesser profit has no justification. In view of the above, we do not find any merit in the action of the lower authorities in making/sustaining the I.T.A. No.4655/Mum/2015 and C.O. No. 118/Mum/2017 Jigar V. Shah impugned additions and the same are accordingly ordered to be deleted.