Indian Kanoon - Search engine for Indian Law

@ 0.92% as against 1.08% in the immediately preceding year. Accordingly, the AO adopted the GP declared by the assessee in the preceding year and made an addition of Rs. 4,49,453/-. The ld. A/R of the assessee has submitted that this is the second year of business of the assessee and there is a substantial increase in the turnover of the assessee, therefore, merely there is a decrease in the GP rate does not warrant any addition. Thus the ld. A/R has submitted that when there is an increase in the turnover of the assessee from Rs. 9,60,00,000/- in the preceding year to Rs. 28,69,00,000/- during the year under consideration, the slight variation in the GP rate does not warrant any addition.