turnover of
Rs.17,36,68,915/- as compared to Net Profit of Rs.71,30,820/- at the rate
of 5% on the turnover ... Profit. It was found by Assessing Officer that security charges have been
decreased from 92.78% shown in the last year to 91.5% during the year
Vedanta Ltd (Earlier Known As Sterlite ... vs Acit, Circle- 26(1), New Delhi on 9
same is rejected by rejecting the explanation of the assessee for decrease in the gross profit rate disclosed in the books of account, has made ... adopting a higher gross profit rate on the turnover disclosed by the assessee. The Commissioner of Income-tax (Appeals) accepted the explanation furnished
showing net profit & turnover.
Refer Annexure-1
"
3. It is not disputed and challenged that the respondent-assessee was engaged
in supplying computer ... assessment order
states that there was exponential increase in the turnover from Rs.34.36 crore in
the last year to Rs.53.43 crore
fall by 1.89%. The AO disallowed 0.50%
decrease in gross profit ratio of sales accordingly a disallowance of Rs.
29,65,305/- was made ... Workshop (Net) 3011895 4073408 3779046
Incentive (Net) 3496887 5527666 5167690
Turnover (A) 494087805 361680522 602007751
Gross Profit (C) 7739549 15484843 14362690
GP Ratio
fall in G.P. compare to last year
due to turnover. The Turnover is increased from the last year. Further
In diamond imports/ exports business ... this business, day by day increasing in cost of rough diamonds and
decreasing in cost of polished diamonds comparatively, volatile forex
market, money crisis
same is rejected by rejecting the explanation of the assessee for decrease in the gross profit rate disclosed in the books of account, has made ... adopting a higher gross profit rate on the turnover disclosed by the assessee. The Commissioner (Appeals) accepted the explanation furnished by the assessee
herewith. Practically, the first Financial Year is 2008-09, wherein
there is turnover of Rs. 5,19,33,745/-. During this Financial Year, the
assessee ... secured loan is from Syndicate Bank, CC Account and WCDL
(Working Capital Decreasing Limit) meaning thereby that this loan
applying the g.p. rate of 22% on the turnover of
7 ITA 76/JP/2018_
M/s Pawan Enterprises Vs ACIT ... fact the
turnover of the assessee has increased substantially and overall gross
profit of the assessee has also increased. The turnover of the assessee
totality of facts 15%
gross profit rate if applied on the turnover of the gold jewellery items will
meet the ends of justice for estimation ... been declared. The rate of silver per kg has not
increased or decreased drastically. From the information available on
internet the rate of silver
