turnover is only 60% of
the last year. In the last year the turnover was Rs.16.72 crores whereas the
turnover in the current ... increased 3.5 times as
compared to last year, whereas the turnover has decrease to 60% of the last
year.
3.3.2 In view of this reason
increase or short fall in the actual turnover would proportionately
increase or decrease the portion of cost to be absorbed by the group
company which
locality, comparative
profit rate of the assessee in respect of other years, turnover,
etc. In this case, the Assessing Officer has not considered ... common knowledge that profit
ratio will decrease automatically. In other words, the profit ratio
will decrease when the turnover increases. By taking into
consideration
fact that the turnover of the
assessee in year under consideration has not increased as compared to last
year but has decreased
both
the cases was same i.e. `.2,18,71,876/-. The decrease in profit in the
revised return was due to increase in labour ... Assessing
Officer had estimated the profits on the basis of 8% of turnover.
However, the penalty was imposed because of the failure on the part
restricting the addition of gross profit at 9% on turnover as against 9.5%
made by the AO. The assessee is in appeal challenging the order ... sores and spares by 1.07%, increase in
labour charges by 0.99% and decrease in job charges per meter. The AO
did not accept the explanation
yield and also justify as to how the yield of
diamonds had decreased in the current year as compared to
that in the earlier year ... remained
almost constant however on the other hand there is a sharp
decrease in the yield of polished diamonds. The appellant has
not been able
decrease in average sale prices but
no details of increase in labour cost was given. The AO noticed that GP rate was
decreased from ... satisfactory explanation of such fall was given except showing that turnover has
increased to Rs.7.49 crore from Rs.4.20 crores
Lg Electronics India Pvt. Ltd., Uttar ... vs Assessee
आयकर अऩीऱीय अधधकरण, ददल्ऱी विशेष न्यायऩीठ, नई
Sahara India Financial Corpn. Ltd., New ... vs Department Of Income Tax
IN THE INCOME TAX
