Officer noted
that the turnover of the assessee has increased, but the gross profit rate
and net profit rate has decreased. The assessee was asked ... profit rate of 8% may not be applied
on the total turnover. Consequently, the show cause notice stated that an
addition
stated
that all decisions in official capacity in respect of increase and decrease in price
were taken by keeping in mind, various factors affecting ... case the Commission decides to levy a penalty, only the
relevant turnover generated by the sale of the products to dealers should be
considered
Lastly Eclerx does not satisfy turnover criteria as, against the
Assessee's turnover of Rs.26 crores, the turnover of Eclerx
Services ... greater than the 10
times turnover of the assessee.
There are various court rulings wherein 10 times turnover criteria
is considered for eliminating comparables
Ubs Securities India P.Ltd, Mumbai vs Acit Cir 4(2), Mumbai on 16 March
Rajeev Suri vs Union Of India on 5 January, 2021
Author: A.M. Khanwilkar
Bench
Baljit Singh Handa vs Punjab & Sind Bank on 1 February, 2021
Author: V. Kameswar
Hero Motocrop Ltd., New Delhi vs Acit, Circle- 11(1), New Delhi on 13 April
Dcit, New Delhi vs M/S. Dabur India Ltd., New Delhi on 18 February, 2021
M/S Continental Automotive Components ... vs Assistant Commissioner Of Income Tax ... on 24 November, 2021
Coastal Gujarat Power Limited vs Central Electricity Regulatory ... on 27 April, 2021
IN THE APPELLATE
