shown was for sales
only and he has ignored the increase/decrease in the closing stock
of semi-finished and finished-goods while arriving ... preceding year. Thus,
there was substantial fall i.e. 30% in the turnover in the year
ITA No.3340/Ahd/2014 with CO
5
under
assessee firm and
estimation of GP rate @25% of the turnover is purely on the basis of surmises and conjectures
and therefore should ... various reasons such as increase in the cost of
raw material, decrease in the market price of finished product, increase in the cost
of processing
Gopal Glass Works Ltd.,, Ahmedabad vs Department Of Income Tax on 4 May, 2016
आयकर
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
Chopra Agencies, Phagwara vs Assessee on 11 June, 2013
1
I.T.A. No. 105
Reliance Industrial Infrastructure ... vs Jt. Cit on 4 June, 2001
Equivalent citations: (2002)75TTJ(MUMBAI
M/S.Ballarpur Industries Ltd vs Commissioner Of ... on 1 August, 2017
Author: M.S
then the correct tax liability of the
assessee could be ascertained. Merely decreasing the
closing stock valuation by Rs.66.90 lakhs, the Revenue
cannot ... comparative low
difference between the two and in a period of rising
turnover and rising prices, such a system was apt to
diminish the assessment
Khopade Kisanrao Manikrao vs Assistant Commissioner Of Income-Tax on 27 January, 2000
Equivalent citations
