assessment order, the assessing officer
has picked up 4 cases where the turnover has ranged from Rs.8.13
crores to Rs.23.62 crores ... There is a
trend of decrease in G.P. as turnover goes up. Thus the fair
estimation of G.P. in the present case would
gone down only as a
percentage of the turnover which had increased, there was no decrease In
absolute terms. Without taking all these facts into
reflected G.P. of
Rs.42,56,225/- @ 8.42% on the total turnover of Rs.5,05,71,362/- for
the year under consideration ... against G.P. of Rs.26,64,364/- @
14.06% on the total turnover of Rs.1,89,45,856/- in the preceding
assessment year
restricting the addition of gross profit at 9% on turnover as against 9.5%
made by the AO. The assessee is in appeal challenging the order ... sores and spares by 1.07%, increase in
labour charges by 0.99% and decrease in job charges per meter. The AO
did not accept the explanation
assessment was getting time barred. The
A.O compared the turnover of the assessee in the preceding year vis-à-
vis the expenditure like wages ... telephone, diesel expenses etc.,
from the point of view of increase or decrease in the said expenditure.
So far as the disallowance of wages
total turnover of Rs.1,54,26,319/- as compared to 34.13% on a turnover
of Rs.1,36,6,026/- in the immediately preceding ... stated that
there was increase in manufacturing expenses by 2.07% and decrease in net margin
on sales of satin ribbon by 6.25% and the cost
decrease in average sale prices but
no details of increase in labour cost was given. The AO noticed that GP rate was
decreased from ... satisfactory explanation of such fall was given except showing that turnover has
increased to Rs.7.49 crore from Rs.4.20 crores
Radiant Parenterals Limited, Baroda vs Assessee
IN THE INCOME TAX APPELLATE TRIBUNAL
AHMEDABAD BENCH "
Bessar Diamond Mfg. Co.Pvt.Ltd.,, ... vs Assessee
IN THE INCOME TAX APPELLATE TRIBUNAL
AHMEDABAD
