showing net profit & turnover.
Refer Annexure-1
"
3. It is not disputed and challenged that the respondent-assessee was engaged
in supplying computer ... assessment order
states that there was exponential increase in the turnover from Rs.34.36 crore in
the last year to Rs.53.43 crore
that
turnover of the assessee in the assessment year under
appeal is higher as compared to earlier year, but, there is a
substantial decrease
rejecting the books of
accounts and estimating the profits at 15% of turnover are as under:
2
ITA No. 1221/H/16
RK Township Promoters ... immediate previous year even though there
was decrease in sales during the year. The assessee did not
produce any supporting evidence, did not file details
2011_
ITO Vs Smt. Manju Devi
G.P. has decreased from 11.65% to 4.07% in the current
year. However, he failed to appreciate the significant ... business and also involved only part
of such period. Moreover, the turnover in the current year
has risen to 9.09 crores in compare
fall in G.P. compare to last year
due to turnover. The Turnover is increased from the last year. Further
In diamond imports/ exports business ... this business, day by day increasing in cost of rough diamonds and
decreasing in cost of polished diamonds comparatively, volatile forex
market, money crisis
sale figure is computed on the basis of
decrease in stock. For these reasons Ld. A.O rejected the books
results and in view ... Taxman 384 (M.P) estimated the
net profit @ 3.5% on the total turnover for the year. Ld. A.O also
gave instances of other assessee
applying the g.p.
rate of 22% on the turnover of Rs. 17,94,82,618/- as against g.p. rate of
19.43% shown ... Department. The ld.AR of the assessee also submitted the
reason of decrease in percentage of G.P. is increase of input cost in
comparison
applying the g.p. rate of 22% on the turnover of
7 ITA 76/JP/2018_
M/s Pawan Enterprises Vs ACIT ... fact the
turnover of the assessee has increased substantially and overall gross
profit of the assessee has also increased. The turnover of the assessee
total turnover @ 9.55% as
shown in the last previous year. Thus the AO made trading addition of
Rs. 97,99,900/- on turnover ... observed that gross profit
rate of the assessee has decreased from 9.55% in the last year to
5.73% and accordingly enhanced the gross profit rate
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