TMI Blog1981 (11) TMI 96X X X X Extracts X X X X X X X X Extracts X X X X ..... from business on sale of Motor spare parts and having a branch dealing in tyres. In respect of G.P. on motor spare parts etc., the trading results were accepted. But in respect of tyre account, the ITO did not accept the profit shown at 4.99 per cent as against 5.5 per cent disclosed last year by the assessee. The sale of tyres was shown at Rs. 2,69,035. The ITO made an addition of Rs. 2,000. On ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly, the difference of the G.P. shown during the year, under appeal and G.P. disclosed during the preceding year, was very nominal. The contention of the assessee that the commodities dealt in by it were essential commodities on which profits were restricted during the year in question remains uncontroverted. Having regard to the facts of the case, the amount of Rs. 1,000 retained by the AAC is del ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... respect of these two items as the scooter was used for the business purposes only. Having regard to the line of the business of the assessee it appears that the claim of the assessee is quite reasonable. This should be allowed in full. 7. The next ground is regarding disallowance of Rs. 2,000 from shop expenses. After hearing both the sides, we direct that the disallowance should be restricted ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
