turnover of Rs. 3,90,72,000 by adopting a rate of 12.5%
profit on turnover. The turnover ... adoption of the turnover and given part relief to the
assessee firm by decreasing the percentage of profit from
12.5% to 6% on the turnover
from page-1 of the
assessment order itself. The assessee declared total
turnover of Rs.5,69,89,515/- resulting into gross profit ... assessee explained that the
decrease was due to increase in the turnover. However, the
ld. Assessing Officer estimated the gross profit at 30%
which resulted
Assessing Officer in estimating the rate of profit @ 4% of
the turnover for the trading business without making any
allowance for legitimate expenses incurred wholly ... rate of
4% on the ground that when the turnover increases, GP rate
decreases. Having regard to all these facts, we are of the view
income. In case
of low turnover, net profit margin is higher. However, when business volume or
turnover increases profit margins record reduction because in such ... charging less net profit margins. When volume or
turnover progressively increases then net profit rate decreases. This is an universally
known commercial truth
income. In case
of low turnover, net profit margin is higher. However, when business volume or
turnover increases profit margins record reduction because in such ... charging less net profit margins. When volume or
turnover progressively increases then net profit rate decreases. This is an universally
known commercial truth
income. In case
of low turnover, net profit margin is higher. However, when business volume or
turnover increases profit margins record reduction because in such ... charging less net profit margins. When volume or
turnover progressively increases then net profit rate decreases. This is an universally
known commercial truth
income. In case
of low turnover, net profit margin is higher. However, when business volume or
turnover increases profit margins record reduction because in such ... charging less net profit margins. When volume or
turnover progressively increases then net profit rate decreases. This is an universally
known commercial truth
reconciliation that for F&O reconciliation of turnover as per books with
turnover as per Form No.10DB and Trade Files both are considered ... assessee recorded turnover upto 31-03-2009 it would have resulted in to decrease
in profit by Rs.69,078/-, hence there remains no question
year was 10.98% of the turnover, in the
impugned assessment year it has increased to 38.70% of the
turnover. He also found that major portion ... learned
Commissioner (Appeals) observed, though, there is decrease in sales
4
Amersey Exports Pvt. Ltd.
turnover compared to the preceding assessment year, however, there
shows turnover of `.131,62,14,084/-.
Other income of `.1,35,31,994/- and decrease in stock of
`.3,83,12,047. note
