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Showing contexts for: turnover decrease in Choudhary And Brothers, Jaipur vs Assessee on 28 September, 2016Matching Fragments
3. Being aggrieved by the order of the Assessing Officer, the assessee carried the matter before the ld. CIT(A), who had partly allowed the appeal by observing as under:-
" 02.3 I have duly considered the material available on record.
It is noticed that the Hon'ble ITAT, Jaipur in its subsequent order dated 31/05/2011 for A.Y. 2007-08, has estimated the profit @ 11.5% on the turnover of Rs. 16.84 crore. The Hon'ble Bench has also considered its order for A.Y. 2006-07, the past history of the assessee and the defects in accounts books of the assessee, pointed out by the A.O. Assessee has claimed that with the increase of turnover, profit rate is decreased. For 5 ITA 54 & 164/JP/2013_ Choudhary & Brothers Vs ACIT this very reason, he has challenged the application of profit rate shown in A.Y. 2005-06. Considering the profit rate of 11.5% on turnover of 16.84 crores estimated by Hon'ble Tribunal in A.Y. 2007-08, the profit is estimated @ 15% on turnover of 4.62 crores in A.Y. 2006-07. The ground raised by the appellant is partly allowed."