could not be rejected solely for
the reason that despite decrease in its turnover the expenses had more or
less remained static. Also the assessee
fixing GP% at 7% by taking cue from the part of
turnover (of earlier part of the year) of 5.1% is not sustainable ... years, including relevant financial year) is as under:-
Total Turnover 250758982 736968737 2595778118
Increase/Decrease in -59959722 50871881 23178182
Stock
Total 190799260 787840618 2618956300
Expenses
turnover,
therefore, no addition can be made without any adverse material / evidence
available on record. It is further submitted that assessee's turnover ... fact that due to worldwide recession the price had fallen coupled with decrease
in the exchange rate of US Dollars which has also affected
observed that the turnover for the year under consideration
has increased from the previous years, however the GP rate
has decreased from the preceding previous ... further submitted that in normal
circumstances GP rate is inversely related to turnover, i.e. increase in
turnover usually results in lower GP rate
last year. In appellate proceedings AR has not
filed proper justification for decrease in G.P. rate to 4.64% however I find that
GP rate ... higher side, GP rate of 20% of declared
turnover is applied. Assessee gets resultant relief. This ground of appeal is
partly allowed."
Ground
Ssmt. Charu Aggarwal, Patiala vs Dcit-Cc, Patiala on 25 March, 2022
आयकर अपील य
Income Tax Officer, Jaipur vs Motisons Jewellers Ltdl, Jaipur on 29 September, 2022
vk;dj
Acit, New Delhi vs M/S. Lepro Herbals Pvt. Ltd., New Delhi on 18 January
