explained that in the year under consideration the assessee has
made total turnover of Rs.36.85 cores and declared GP rate of
2.39%. However ... crores and GP rate of 1.49% in assessment
year 2006-07 and turnover of Rs.24.51 crores with GP rate of
2.55% in preceding
fluctuation arising 'at that time will have any relevance to the
turnover reported for the previous year in which the sale took
place ... value' recorded in the
books and any increase or decrease in exchange fluctuation on the
bill amount is only a subsequent event after
fluctuation arising 'at that time will have any relevance to the
turnover reported for the previous year in which the sale took
place ... value' recorded in the
books and any increase or decrease in exchange fluctuation on the
bill amount is only a subsequent event after
increase in prices of
raw material, increase in the cost of manufacturing, decrease in sale price
etc. He has cited a number of decisions ... coke by declaring the GP rate of
16.83% on increased sales turnover of Rs.481 lakhs as against the GP rate
of 9.43% on sales
work-in-progress in its
balance sheet and there is also increase/decrease in inventories
in its profit and loss account and under the head ... seen
that this company does not pass the test of 75% export turnover
which is used as a filter by the TPO himself. This company
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Vodafone India Services P. Ltd, Mumbai vs Assessee on 10 December, 2014
Income Tax Appellate
Hind Rectifiers Ltd, Mumbai vs Department Of Income Tax on 31 July, 2014
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