2011_
ITO Vs Smt. Manju Devi
G.P. has decreased from 11.65% to 4.07% in the current
year. However, he failed to appreciate the significant ... business and also involved only part
of such period. Moreover, the turnover in the current year
has risen to 9.09 crores in compare
decrease in the prices of scrap and poor market
conditions, there was steep reduction in the business
of sales of scrap which affected the turnover
from its investments in
developing the value of a trademark from its turnover and
market share where it has a long-term contract of sole
distribution ... additional return from
the owner of the trademark, perhaps through a decrease in the
purchase price of the product or a reduction in royalty rate
Hyderabad Chemicals Limited, ... vs Assessee on 11 March, 2015
IN THE INCOME TAX APPELLATE TRIBUNAL
total turnover @ 9.55% as
shown in the last previous year. Thus the AO made trading addition of
Rs. 97,99,900/- on turnover ... observed that gross profit
rate of the assessee has decreased from 9.55% in the last year to
5.73% and accordingly enhanced the gross profit rate
rejected
as low G.P. was due to increase in turnover and for the stock
valuation, it was stated that books have been audited ... pointed out
various defects in the books of accounts viz. decrease in
gross profit rate as compared to earlier years associated with
non-maintenance
been
Rs.37,08,700/- on a enquired into and examined
turnover of Rs.3,16,47,667/- by the A.O. during the
which ... Debit Notes" from M/s.
turnover of Rs.3,38,03,515/- Nirma Limited has not been
(i.e., @ 10.80%). The A.O. examined
that out of 11 comparable companies chosen by the TPO, the turnover
of Infosys Ltd., L&T, Mindtree Ltd., Persistent Systems Ltd., Sasken
Communication ... assessee with the
following observations:-
"10.65 Turnover Filter: The TPO had applied the turnover
filter with Rs. 1 crore at the lower
turnover after rejecting the book results. He further held that there was enough
justification for enhancing the net profit from 0.46% to 2.5% on turnover ... year under consideration, the turnover for the last 2-3 year was more
or less same as the turnover for the year under consideration
ITAT at Pg 19, Pr. 3.9 w.r.t. the stock turnover
ratio of earlier years to ascertain the disclosed stock this
year, observed that ... chart prepared
by them computed increase of 5.34% in turnover as against
the correct 534%. This mistake has a direct and visible
impact
