work in progress or addition
made to fixed assets, Mismatch in sales turnover reported in audit report and
4426.Del.2018
M/s Modern Paper ... shown total turnover of Rs. 336,61,83,231/- thereby having a Gross Profit of
23.8% as compared to the total turnover
turnover of the assessee during the year under consideration is 68.67 crores and in
immediately preceding year i.e., A.Y. 2016-17 the turnover ... During A.Y. 2017-18 cash sales of the assessee have decreased to Rs 30,29,35,660/- as
compared to cash sales
account on conjectures alone, purchases have been
doubted while assessee's turnover of Rs.11,64,308/- from its trading
operations in the business ... addition of Rs.
37,00,000/- the AO stated that there is decrease in cash sales as compared to
immediately preceding year
appellant, it is noticed that the appellant has substantially
increased his turnover of jewellery segment from Rs. 8,23,17,258/- in the earlier year ... from the said business strategy on the ground that there
is substantial decrease in the profit margin and traders in the similar trade are declaring
presumed that in case the turnover of any business goes up, the GP
always goes down and if the turnover goes down the GP will ... down substantially. Even if we
consider the reply of the AR regarding decrease in GP rate, it would not
be justified if we calculate
receipt is suppressed.
Further, the appellant submitted that with the increase
in turnover, the assessee needed addition staff and space
which resulted in increase ... salary expenses.
Further the appellant submitted that another major
reason for decrease in net profit was the net balance of Rs. 8
lacs written
which are reproduced as under.
Asstt. Year Turnover Gross Profit G.P. Rate N.P. Rate ... been reproduced b) the AO as under:-
Saharanpur Head Office:
Asstt. Year Turnover Gross Profit G.P. Rate N.P. Rate
M/S. Vireet Investment Pvt. Ltd., New ... vs Acit, New Delhi on 16 June, 2017
M/S. New Delhi Television Ltd., New ... vs Dcit, New Delhi on 14 July, 2017
Bg Exploration & Production India Ltd., ... vs Jcit, Dehradun on 24 April, 2017
B G
