diesel and electricity,
salary, PF, bonus and other items. Though the turnover had decreased,
the production was higher as shown by the higher closing stock ... establishment. Even though turnover did not increase, the closing stock
had increased and the GP rate had not decreased. In these
high as compared to
earlier years despite the fact that the turnover has decreased in
comparison to earlier years and accordingly book results were
rejected ... were called for with regard to
disproportionate expenses as compared with the turnover/sales. It
was further submitted that the AO only proposed to disallow
simply stated that the G.P. ratio is decreased due to decline in sales
turnover and increase in purchase cost of raw material
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
said addition by 3% of the
turnover and has finally affirmed the addition of 2% of turnover
being Rs.22,51,893/- which is really ... observed that the assessee's GP margin has decreased
from 40.26% to 39.19%. He also noticed that the assessee has not maintained
quantitative details
Nasir Khan, J. Mahadik, Mumbai vs Department Of Income Tax on 15 November, 2011
IN
reasonable compared to earlier years and there is three times
increase in turnover from Rs. 1.65 crores to Rs. 4.52 crores. It
was also submitted ... conclusion, we are
reproducing hereunder the profit rate of earlier years :-
Turnover N.P. Before NP after NP Ratio
Depreciation Depreciation depreciation after
Lunkad Securities Ltd., Indore vs Assessee on 2 August, 2011
1
IN THE INCOME TAX
Ram Enterprises, Bhopal vs Department Of Income Tax on 2 August, 2011
1
IN THE
year. It is a well settled principle that profit may increase or decrease every day
but tax is paid only on the income ... compared to 19.55% in the immediately preceding year. The turnover is also on
the higher side at Rs.3,01,55,938/- as compared
