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Showing contexts for: turnover decrease in Sri Ganesh Bottles Pvt Ltd., Hyd, ... vs Dcit, Central Circle-1(3), Hyd, ... on 30 August, 2017Matching Fragments
26. After considering the submissions of the assessee, the CIT(A) observed that the Assessing Officer had disallowed Rs. 39.94 lakh as inflation of expenses on the grounds that the assessee has shown profit of 0.56% only. For this he has relied on his own assessment for AY 2009-10 in which the same reasoning was adopted that 98% of purchases were made by cash. He observed that no comparative analysis has been done for the profits shown by the assessee in the earlier years and whether the turnover has increased or decreased? and what are the profits shown by persons in the same line of business? If the Assessing Officer had reasons to doubt the purchases, he should have at least made some independent inquiries and confronted the assessee with any findings made by him. In view ITA No. 616 to 619/H/15 & 580/H/15 Shri Ganesh Bottles Pvt. Ltd., Hyd.