volume of business and therefore the margins of the assessee had
decreased. The Ld. AR submitted that net profit rate of 4.45% was
declared ... appraisal of value of the contract, the Ld. AR submitted that the turnover
during the year had increased to Rs.11.18 crore as against
civil contract. The assessee was
asked to produce comparison chart of turnover, gross profit and net profit
with last year of the business ... Assessing Officer required the assessee to
explain the reason of decrease of the ratio in gross profit and net profit.
Since, the assessee
various reasons such as
Increase in the raw material cost, decrease in market price of
finished product......
6.4 Looking into the facts of the case ... record anything to the
contrary. Further, it is also noted that the turnover of the
appellant increased substantially in comparison to preceding two
years. Moreover
assessee is
of 25.55%. There is an increase in sales turnover also. Thus, the assessee was
able to carry out its business more scientifically ... Jain
Asst.Year - 2011-12
-5-
of 20%, rather it goes on decreasing. In the Asstt.Year 2010-11, it was given
at the rate
being reported under TN VAT. Subject to the
assessee thus exhibiting the turnover of . 87.48 lacs as scrap sales, i.e., as a
component ... difference - to that
extent, where not reduced, similarly, from the turnover in the VAT return/s.
After all, the return of goods would only
applying the G.P. rate @ 16% on the declared turnover.
2 ITA 956/JP/2016_
ITO Vs Pinkcity Packaging ... immediate
preceding year on turnover of Rs. 1,73,83,638/- to 6.45% on total
turnover of Rs. 4,92,80,641/- for the year
turnover
increase 3.5 times in this year compare to the last year. The Gross Profit
4 ITA 744/JP/2017_
Rajendra Goyal Vs ITO
decreased
report - Annexure -I, Part-A, clearly shows that the Gross Profit is decreased
by 3.15% compared to the immediate preceding year. If the said debit ... Annexure - I, Part-A, during the year assessee has shown total turnover of
Rs.72,00,347/- and G.P. shown
M/S. Vireet Investment Pvt. Ltd., New ... vs Acit, New Delhi on 16 June, 2017
M/S. New Delhi Television Ltd., New ... vs Dcit, New Delhi on 14 July, 2017
