last
three years, the AO observed that there was decrease in turnover during the year
but there was slight improvement ... last three years it is seen that there is decrease in turnover during the
year but there is slight improvement in GP and NP rate
year
under reference is on higher side whereas total turnover has been
decreased to 90% from last year. (Last year turnover
further
argued that the sales turnover had increased by 14.18% but the
manufacturing sales had in fact decreased by 4.94% as the appellant had
begun
consumption of raw material is more the gross profit ratio
would decrease. But in the case of the assessee the results are
reverse when ... presumed that in
case the .turnover of any business goes up, the GP always goes
down and if the turnover goes down the GP will
turnover was Rs.106,66,34,514/-.
The G.P. was 0.51% and net profit was at 0.02% whereas the assessee
declared his turnover ... immediate preceding year. The AO asked the assessee for the
reasons for decrease in profit margin rate. The assessee could not offer any
satisfactory explanation
years it is 46.9% and 39.75%
respectively. Before AO, assesee explained the decrease in GP that
buyers are demanding discount due to recession as well ... makes major sales. However, AO rejected the
reason and stated that the turnover of the assessee has increased due
to opening of three new shops
which are reproduced as under.
Asstt. Year Turnover Gross Profit G.P. Rate N.P. Rate ... been reproduced b) the AO as under:-
Saharanpur Head Office:
Asstt. Year Turnover Gross Profit G.P. Rate N.P. Rate
loss of Rs.1,75,74,887/- on the total turnover of
Rs.1,69,62,106/-;
(b) the loss on sale of machinery ... sale and purchase of any asset under any
block can only increase/decrease in value of block and
depreciation can be accordingly claimed/allowed
M/S Dharampal Premchand Ltd.,, Delhi vs Dcit, New Delhi on 8 January, 2016
INCOME
Bharat Export, New Delhi vs Department Of Income Tax on 18 May, 2016
IN THE
