material cost
and decrease in total turnover. It is true that the turnover has decreased
by about 24% and there was increase in the price ... reference was due to decrease in turnover for the year under
reference. The turnover of the assessee firm decreased from
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
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
Harbans Lal Sethi, Jaipur vs Addl. Cit, Kota on 30 May, 2017
vk;dj vihyh
profit
has decreased by 1.87%, whereas the employee cost increased by
13.46 %. Despite steep decrease in turnover, with almost same
amount of overhead costs ... there is decrease in returned income for A.Y. 2013-14. The comparative table
containing assessment year, turnover, net profit, direct expenses like material
consumption
Factor for
2011 -12 2008 - 09 to Increase /
2010-11 decrease in Net
Profit
Turnover net of Excise ... cost
% over Turnover 13.64% 13.35% 0.29%
Other Expenses 523,418,909 359,513,497
% over Turnover 17.72% 16.29% 1.43%
Total decrease in Net Profit
page 7 of the
assessment order that the total turnover cannot decrease due to
decrease in the booking rate. This is quite illogical
which is substantial increase in the
turnover. Mere decrease in GP cannot be a ground for rejection
of books of accounts.
3.3 With regard
price. Moreover with
respect to 43.27% of the turnover, no reasons have been
given for decrease in GP rate as compared to last year ... turnover. For
the balance part of the turnover where reasons have been
given, it is not possible to quantify the decrease in gross
profit
material price and decrease in sale price due to tough competition.
Further, he submitted that looking to the volume of turnover, the activity
of ready ... Profit was due to increase in the cost of raw-
material and decrease in sale realization. We find that the AO did not
give
