large cash deposits during demonetization period
and abnormal increase in sales with decreased profitability. From
perusal of records, it is also observed that appellant deposited ... during the year under consideration. Though
turnover increased during the year but it is also noticed that profit
was also increased for the year under
thereby rejecting companies having a turnover lower than INR 11.69
crores as well as companies having a turnover greater than INR
1,169.4 crores ... export turnover filter of 25% applied by the
Appellant to 75%, thereby rejecting the companies having an export
turnover to operating turnover ratio of lesser
turnover of the assessee during the year under
consideration is 46.48 crores and in immediately
preceding year i.e., A.Y. 2016-17 the turnover ... During A.Y. 2017-18 cash sales of the assessee have
decreased to Rs.4,90,69,680/- as compared to cash sales
were under Malkajgiri
District.
The appellant in the impugned FY had sales turnover of Rs.
17,88,90,913/- on which he had declared ... current impugned
assessment year, the net profit was deliberately decreased for the sake
of increasing profit by claiming various bogus expenses such as higher
amount
Hospital shifted full time to Sehgal Path Lab
leading to increase in turnover as under:
F.Y. Total Turn over Cash deposited in
Bank ... pointed out that % age of cash receipts to total receipts
has infact decreased as compared to earlier years as can be seen from
the following
2024
Assessment Year: 2017-18
Manish Kumar, Patna
decrease in profitability compared to preceding previous year".
Accordingly, notices ... assessee. Further, the
Assessing Officer computed income from business @8% on total
turnover/receipts of Rs.5,48,75,719/- and also added back
peculiar economic circumstances after giving
valid reasons were excluded.
(vii) Companies having turnover of less than 10 times and More
than 10 times o1 assessee ... available are rejected.
(xiii) Companies whose revenue is decreasing in last 3 years are
rejected
(xiv) Companies which are not having 12 months
receipt is suppressed.
Further, the appellant submitted that with the increase
in turnover, the assessee needed addition staff and space
which resulted in increase ... salary expenses.
Further the appellant submitted that another major
reason for decrease in net profit was the net balance of Rs. 8
lacs written
Amrapali Jewels Pvt Ltd,Jaipur vs Acit, Central Circle-1, Jaipur, Jaipur on 19 February
Dcit, Jaipur vs Amrapali Jewels Pvt. Ltd. , Jaipur on 19 February, 2025
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