justification of increase in this expense was found
acceptable while the turnover was decreased.
21.2 Submission made by Ld. Counsel for the assessee ... expenses incurred by the assessee
during the year even though the turnover has
decreased, but the increase in price is beyond the
23
Anant Steel
which is slightly decreased
from previous year net profit of Rs. 5,14,19,208/- on total turnover of Rs.
89,71,37,753/- showing
turnover,
therefore, no addition can be made without any adverse material / evidence
available on record. It is further submitted that assessee's turnover ... fact that due to worldwide recession the price had fallen coupled with decrease
in the exchange rate of US Dollars which has also affected
losses/profits would have the counter effect of
the increase or decrease in the overheads and hence cannot be taken
as a base for determining ... with reference to the total
consumption of raw materials vis-à-vis turnover varies to a great
extent. Such an observation
consideration it was at 25.61%. However, there was tremendous
increase in the turnover of the assessee which increased to Rs.1021.80 lacs ... factor for decline in the gross profit rate as the turnover
increased by 356% in comparison to the earlier year. In the instant case
The Dy. Commissioner Of Income Tax, ... vs Real Strips Ltd.,, Ahmedabad on 31 May, 2018
