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Showing contexts for: turnover decrease in Shanta Salses Corporation, Jaipur vs Ito, Jaipur on 11 March, 2020Matching Fragments
Ms Shanta Sales Corporation, Jaipur Vs. ITO, Jaipur
29. It was further submitted that the assessee has declared GP rate of 13.02% during the year under consideration, which was 13.69% in immediately preceding year despite of around 20% increase in turnover. In other words, there is just marginal decrease in GP rate. Also, if trading addition of Rs. 70,00,000/- as confirmed by CIT(A) is added back to the GP, it would result in GP rate as high as 23.37%, which is exorbitantly high to achieve practically. It is thus submitted that trading addition of Rs.70 lacs is completely imaginary and deserves to be deleted. In support, reliance was placed on the decision in case of Income Tax Officer Vs. Chohtan Construction Co. 84 TTJ 693 (Jodh) and Sardar Kehar Singh Vs. Commissioner of Income Tax and Others 195 ITR 769 (Raj). In view of above, it was submitted that trading addition confirmed by ld. CIT(A) at Rs.70 lacs deserves to be deleted.