rejecting the books of
accounts and estimating the profits at 15% of turnover are as under:
2
ITA No. 1221/H/16
RK Township Promoters ... immediate previous year even though there
was decrease in sales during the year. The assessee did not
produce any supporting evidence, did not file details
Sabir , Sew & Prasad Jv,Hyderabad vs Dy. Commissioner Of Income Tax , ... on 24 February
Acit., Circle-8(1), Hyderabad vs Ncc Hes Jv, Hyderabad on 11 February, 2025
आयकर
year was Rs.5,86,96,663/, which was 1.13% of the turnover, after
considering the expenses incurred in that year for which ... implies a loss of
Rs.13,51,391/-being 0.023% of the turnover/receipts. Therefore, in the present
year the loss as a percentage
Hyderabad Chemicals Limited, ... vs Assessee on 11 March, 2015
IN THE INCOME TAX APPELLATE TRIBUNAL
been
Rs.37,08,700/- on a enquired into and examined
turnover of Rs.3,16,47,667/- by the A.O. during the
which ... Debit Notes" from M/s.
turnover of Rs.3,38,03,515/- Nirma Limited has not been
(i.e., @ 10.80%). The A.O. examined
increased by 33% and if we compare the percentage of increase in
turnover, the total expenditure is also proportionately increased.
Further, there is an error ... expenditure and the increase in administrative
expenditure is proportionate to increase in turnover. From the
above, it is very clear that there is no abnormal
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
Large cash deposit during demonetization and
abnormal increase in sales with decrease in profitability compared
to preceding previous years". Accordingly statutory notices ... course of the assessment proceedings, the
Assessing Officer noted that the turnover of the assessee for the
year is 26,22,34,894/-. The assessee
concerned, the
estimation of GP from the turnover, I find that the Managing
Partner of the assessee-firm himself had explained that the
sale price ... margin and thereafter, it
is doubled, so as to enable them to decrease the price, so that
even if the customer bargains his margin would
