1981 (12) TMI 57 - AT - Income Tax

Summary

The ITAT Calcutta-E allowed the assessee's appeal regarding the addition of Rs. 5,000 sustained out of a total addition of Rs. 10,000 made by the ITO in the liquor account. The Tribunal found that the assessee's disclosed net profit rate of 8-1/2% was reasonable compared to other comparable cases with lower rates accepted by the revenue. The addition was not sustained, and the assessee's appeal was allowed.