assessee has shown gross loss of Rs.3,84,90s/- on
turnover of Rs. 97,00,9007- giving a negative G.P. rate ... Particular AY 2005-06 AY 2006-07 AY 2007-08
s
1 Turnover 1046512 4110820 9700908
2 Gross 233660 321520 -384905
Profit
Comparative G.P chart of
three years are as under:
A.Y. Turnover Gross Profit GP rate ... sale price of
the major items where sale realisation has been decreased
and purchase price has increase in comparison to last year.
He further stated
constraint to provide for such substantial credits
especially considering that the total turnover was only Rs.1.76 crores, the
assessee was required to justify ... prevalent market rates. Further that the said company
had a total turnover of Rs.26.24 crores out of which there were debtors
outstanding
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
ruled out. The contention
of the assessee that the rate of commission decreased with
much higher volume could have been taken to a logical
conclusion ... rate of such commission
suffered a dip with the increase in turnover.
11. This fact can not be lost sight of that we are dealing
restricting the addition of gross profit at 9% on turnover as against 9.5%
made by the AO. The assessee is in appeal challenging the order ... sores and spares by 1.07%, increase in
labour charges by 0.99% and decrease in job charges per meter. The AO
did not accept the explanation
work in progress or addition
made to fixed assets, Mismatch in sales turnover reported in audit report and
4426.Del.2018
M/s Modern Paper ... shown total turnover of Rs. 336,61,83,231/- thereby having a Gross Profit of
23.8% as compared to the total turnover
appellant .The
AO has claimed that there has been sharp decrease in the Net profit of the
business concern vis a vis previous year ... allowed accepted all the
expenses due which there has been sharp decrease in the net profit. AO
has accepted the Online Expenses and Rental expenses
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
