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6. In the result, the appeal is partly allowed."

4.1 Aggrieved by the order of the Ld. CIT(A), the Revenue has come in appeal before us.

5. We find that the order of the Ld. CIT(A) is well reasoned. The assessee has explained that the facts and circumstances for the year under consideration were altogether different from that of preceding year. The assessee had diverted its business from being stockist of vehicles into consignee of the vehicles. Since there was not much requirement of investment of funds in consignment business, hence the risk factor involved was negligible. The turnover for the year under consideration had considerably increased in 6 M/s. Laxmi Auto Plaza Pvt. Ltd comparison to last year. It is commonly observed that when turnover is increased the profit margin is generally decreased. The assessed income of the assessee for the year under consideration even at the rate of 3% of the turnover at Rs.29.40 lakhs was much more than the assessed income at the rate of 10% of the turnover of the preceding year at Rs.13.57 lakhs. The Ld. CIT(A), after taking into consideration the facts and circumstances of the case and also taking into consideration the assessed income of the assessee in the subsequent year, has directed the assessment of income at the rate of 3% of the total turnover. We do not find any infirmity in the well reasoned order of the Ld. CIT(A) and hence the same is upheld.