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
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
estimation of turnover and income thereon. We find
that the Assessing Officer has estimated a net profit @ 1% on the estimated
turnover on 1.5 crore ... nature and will not vary with the
increase or decrease of the turnover and therefore gross profit rate inspite of
net profit rate should have
ACIT
change which not only resulted in decrease in the turnover by 15% but
also resulted into shrinking of the margins. Therefore, he prayed
Gopal Glass Works Ltd.,, Ahmedabad vs Department Of Income Tax on 4 May, 2016
आयकर
New Gujarat Polyplast Pvt.Ltd.,, Surat vs Assessee on 4 April, 2016
IN THE INCOME
