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Showing contexts for: turnover decrease in M/S. Ferro Concrete Con. India Pvt. ... vs The Dcit 1(1), Indore on 16 May, 2019Matching Fragments
Reliance is placed on the following pronouncements:
1. CIT Vs Rajendra Prasad Jain, High Court of Punjab & Haryana 374 ITR 0545
2. Karnataka State Forest Industries Corporation Vs. CIT, High Court of Karnataka, 201 ITR 674
3. CIT Vs Ranicherra Tea Co. Ltd, High Court of Calcutta, 207 ITR
4. DCIT Vs Vishwanath Prasad Gupta, ITAT Jabalpur, 137 TTJ 385 Pankaj Diamond Vs ACIT, ITAT Ahmedabad, 32 DTR 462 However, Ld. AO as well as Ld. CIT(A) ignoring the above factual position and without pointing out any such major defect in the books of account other than as explained above, rejected the books of accounts uls 145(3) and applied net profit rate which is unjustified though. Ld. CIT(A) sustained the net profit rate of 1 only on the basis of previous years' appellate order without ignoring the increase or decrease in turnover of assessee company each year. The said addition was without taking care of this fact of changing turnover each year.