totality of facts 15%
gross profit rate if applied on the turnover of the gold jewellery items will
meet the ends of justice for estimation ... been declared. The rate of silver per kg has not
increased or decreased drastically. From the information available on
internet the rate of silver
address offered by the
appellant-assessee. The AO noticed that the turnover of the assessee-company has
reduced considerably from Rs.36.24 crores ... these
expenses, as also submitted that through the value of sales had decreased the
quantity have in fact increased due to a change
audited report which is as
under:
S.N A.Y. Turnover Gross Ratio Net profit Ratio
Profit ... Display charges 42595478.00 34760360.00
3 Sales Promotion 39292300.00 7781071.00
Exp.
4. Turnover 11628300.00 12116550.00
Discount
Total : 99042300.00 65523121.00
Percentage of 20.72% 20.90%
total Sales
Promotion
purchase
4
ITA No. 6413/M/2016
A.Y.2011-12
price, decrease in the market price of finished goods, increase in the
selling ... comparative Gross Profit and Net Profit, NP rates based on
turnover of the assessee for three assessment years as under:
Assessment Year Sales Gross Profit
years with the current year
and found that there is a sharp decrease in the profitability of the assessee
company, which ... assessee before the lower authorities. It
also produced a chart showing the turnover and gross profit and net profit
of the assessee. With respect
that the
g.p. rate is continuously decreasing over the years and n.p. rate has
also decreased drastically. The assessee has not maintained ... applied g.p rate of 35% on turnover of Rs. 2,18,33,283/- resulting
into trading addition
while estimating the turnover of the assessee.
4) The learned CIT (Appeals) failed to note that the assessing officer
estimated the turnover of the assessee ... order of
the Honourable Tribunal for the earlier years while estimating the
turnover of the assessee.(copy enclosed)
6) The learned CIT (Appeals) failed
there is a fall in turnover of the
assessee and the net profit rate of the assessee. While the turnover has reduced from ... present
assessment year, the net profit rate has decreased from 13.85% to 11.70%. The Assessing
Officer also noted that, at the same time, the remuneration
before the Ld. CIT(A), discrepancy was
reconciled. He submitted that the turnover has increased
to Rs.86.65 lakhs as against ... addition is primarily
based on the fact that the gross profit showed decrease of 127.34 percent as
compared to last year in respect of trading
Readymade Garments. During the year, the assessee
HUF has shown total turnover of Rs.2,01,49,934/- and
declared gross profit ... against during
immediately preceding year, the total turnover at
Rs.1,44,36,976/- and gross profit
