Maruti Suzuki India Ltd vs Additional Commissioner Of Income Tax ... on 1 July, 2010
Author
Profit was due to increase in the
cost of raw material and decrease in sale realization. We
find that the AO did not give ... there is increase in turnover, therefore the gross
profit ought to have been increased instead of
decreasing. We are of the view that such reasoning
turnover returned for failure of the assessee to substantiate the same by books/purchase invoices the Assessing Officer determined the figure of turnover ... increase or decrease in the figures of sales of similarly situated traders. Though the order refers to the figure of turnover
Similarly, it was submitted that notwithstanding the Annual Turnover and the
Earnest Money Deposit Criterion, the terms of the impugned tenders allowed
all prospective bidders ... Annual Turnover requirement had been reduced from
INR 30 crore to INR 18 crore, whereas the EMD requirement had been
decreased from INR 35 lakh
gradually decreasing, which shows the reduced sales in the market. The defendant has not supplied its balance sheet to demonstrate its turnover, sales and profits
Department has nowhere mentioned in the relevant clause for the
financial cumulative turnover for the last three years. The employer's
request for clarification ... shall be in writing and no
change including any voluntary increase or decrease in the price or
substance of the bid shall be sought, offered
applied the G.P. rate of 35% on the
total turnover (both accounted and unaccounted) of
Rs. 4,67,37,067/- stating that assessee has
declared ... However, the
assessee has pointed out that as regarding the
accounted turnover of the assesse was 3,61,76,638
on which gross profit
applying the upper limit of 200 crorers for the
turnover filter applied by the TPO by placing
Date of Judgment ... turnover filter even when
the turnover has no linkage with the margins
and in fact the TPO in order demonstrated that
when turnover is high
come to the conclusion that the
addition made to the book turnover on the basis of the survey
results was proper and the Appellate Assistant ... product must
also decrease in quantum and in the absence of other materials
this was a sound basis for fixing the turnover, supports our view
erred in not allowing adjustments on account of the
increase and decrease of capital in the relevant
chargeable accounting period. The assessee added
that ... worked out by the
application of a rate to the turnover. I am, thus,
unable to allow this contention."
Aggrieved, the assessee carried appeals