Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (2) TMI 421 - GUJARAT HIGH COURTAddition on account of low gross profit - Assessee filed its income by declaring the total income at Rs.32,69,385/-. On scrutiny assessment was finalized with addition of Rs.29,19,650/- on account of low gross profit – Held that:- There was drastic fall in the gross profit as compared to the previous years - this happened on account of increase in production cost and marginal increase in sale price of cloths – Further Tribunal relied upon the orders of other persons in the group of the assessee firm where identical issue had arisen for its consideration and where it reduced the addition to 60% - In absence of any possibility of verification in connection with purchases, sales, consumption of material, it sustained the addition only upto 60% - The issue is purely factual in nature - There is hardly any question of law- Case dismissed. .
|