Assessing Officer the
assessee has not given any reply for decrease in turnover.
9
According to Assessing Officer perusal of documents raise
following important issues ... filed before the
Assessing Officer. It was particularly explained that turnover
11
has decreased because there was some family dispute and out
of two units
instant case, the issue is with regard to the term “Total
turnover”.
6. The assessee is a manufacturer and exporter of stainless steel
utensils ... that if the total turnover increases, the
advantage which the assessee would get under Section 80HHC would
decrease because the amount deductible substantially depends upon
instant case, the issue is with regard to the term
"Total turnover".
6. The assessee is a manufacturer and exporter of stainless
steel ... that if the total turnover increases,
the advantage which the assessee would get under Section
80HHC would decrease because the amount deductible
substantially depends upon
rate at 5% on the total turnover by
keeping in view that there was slight increase in the turnover of the
assessee. Now the assessee ... that the decrease in the net profit rate in
comparison to the preceding year was on account of increase in the
turnover. It was further
explained that in the year under consideration the assessee has
made total turnover of Rs.36.85 cores and declared GP rate of
2.39%. However ... crores and GP rate of 1.49% in assessment
year 2006-07 and turnover of Rs.24.51 crores with GP rate of
2.55% in preceding
fluctuation arising 'at that time will have any relevance to the
turnover reported for the previous year in which the sale took
place ... value' recorded in the
books and any increase or decrease in exchange fluctuation on the
bill amount is only a subsequent event after
fluctuation arising 'at that time will have any relevance to the
turnover reported for the previous year in which the sale took
place ... value' recorded in the
books and any increase or decrease in exchange fluctuation on the
bill amount is only a subsequent event after
increase in prices of
raw material, increase in the cost of manufacturing, decrease in sale price
etc. He has cited a number of decisions ... coke by declaring the GP rate of
16.83% on increased sales turnover of Rs.481 lakhs as against the GP rate
of 9.43% on sales
The Commissioner Of Income Tax, Delhi ... vs Shiv Raj Gupta on 22 December, 2014
Author
Vodafone India Services P. Ltd, Mumbai vs Assessee on 10 December, 2014
Income Tax Appellate
