from page-1 of the
assessment order itself. The assessee declared total
turnover of Rs.5,69,89,515/- resulting into gross profit ... assessee explained that the
decrease was due to increase in the turnover. However, the
ld. Assessing Officer estimated the gross profit at 30%
which resulted
Assessing Officer in estimating the rate of profit @ 4% of
the turnover for the trading business without making any
allowance for legitimate expenses incurred wholly ... rate of
4% on the ground that when the turnover increases, GP rate
decreases. Having regard to all these facts, we are of the view
reconciliation that for F&O reconciliation of turnover as per books with
turnover as per Form No.10DB and Trade Files both are considered ... assessee recorded turnover upto 31-03-2009 it would have resulted in to decrease
in profit by Rs.69,078/-, hence there remains no question
year was 10.98% of the turnover, in the
impugned assessment year it has increased to 38.70% of the
turnover. He also found that major portion ... learned
Commissioner (Appeals) observed, though, there is decrease in sales
4
Amersey Exports Pvt. Ltd.
turnover compared to the preceding assessment year, however, there
shows turnover of `.131,62,14,084/-.
Other income of `.1,35,31,994/- and decrease in stock of
`.3,83,12,047. note
also has a very high turnover as compared to the assessee and
also fails the quantitative filter of : turnover less than Rs. 1000 crores
applied ... order.
The turnover of Engineers India Ltd. is stated to be 2656 crores as against
the turnover of only Rs.290 crores of the assessee
2005 in his second remand report.The assessee further argued that
turnover computed by the AO was erroneous,that the figures reflected in the achievement ... part of the turnover
for those years.The AO estimated sales adopting a particular formula( i.e.20% increase or
decrease in the sales figures
under: -
Comparative statement of gross profit and net profit ratios
Income Turnover 2008 2007 2006 2005 2004
Rs. Rs. Rs. Rs. Rs.
Sales ... Income/Decrease in stock
company have decreased by 69%. But, fact remains
that the annual report of the company is available in public domain
and its turnover has marginally ... change in financial results and the
industrial sales of the company has decreased by 69%, when
compared to previous financial year. The Ld. DRP further
appellant
has though decreased during the year but it is to be noted that the sales turnover
has increased substantially. In the given circumstances
