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Showing contexts for: turnover decrease in M/S. Vaibhav Cotton Company, Rajkot vs The Income Tax Officer, Ward-2 (1) (5), ... on 26 July, 2023Matching Fragments
3. Aggrieved against the same, the assessee filed an appeal before Ld.CIT(A), who confirmed the additions observing as follows:
"....The assessee during appellate proceeding has argued that Assessing Officer has not found any fault with the audited books of accounts of assessee and has rejected books of accounts without any basis. The assessee has cited various decision in support of claim that rejection of books of accounts duly audited was not justified. Similarly, the assessee has contended that the estimation of G.P at 0.37% was not justified, as the turnover of assessee has increased decreasing the profit margin.