2024 (10) TMI 864

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....: The assessee has filed this appeal challenging the order dated 09/08/2023 passed by CIT(A), Lucknow-3 and it relates to the A.Y.2016-17. 2. The assessee company is engaged in the business of manufacturing and export of handmade carpets. The assessee filed return of income for the year under consideration declaring a total income of Rs. 5,45,320/-. The AO noticed that the assessee has declared ....

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.... of Rs. 1.46 Crores. The ld. CIT(A) also confirmed the same. 3. We heard the parties and perused the record. The ld. AR submitted that the assessee does not maintain Wavers Register, Washing Register, Finishing Register, Clipping Register etc., with regard to payment of labour charges. The ld. AR submitted that the assessee has maintained job sheets for each of the activity and posting is made in....

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....ves was the main reason for the fall in net profit rate. Accordingly, he submitted that there is no reason to reject the books of account and also in estimating the profit. 4. We heard the rival contentions and perused the record. We noticed that the reasons cited by the AO for rejecting the books of accounts are not applicable to the assessee, since it is stated that the assessee is accounting f....

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....ACK 25338553 24499504 27380108 23074603 21403298 IMPORT LICENCE 8145618 34729723 14702173 15387369 12080700 IMPORT LICENCE PERCENTAGE 2.77 11.66 4.34 5.61 4.57 NET PROFIT 868285 15482836 11971664 9887416 9553638 NET PROFIT PERCENTAGE 0.30 5.20 3.54 3.61 3.62 On a perusal of the above chart, we notice that the gross profit rate has actually improved in this year vis-&a....