1982 (9) TMI 119 - AT - Income Tax

Summary

The Appellate Tribunal ITAT DELHI-B heard the appeal of M/s Brijwashi Misthan Bhandar for the assessment year 1977-78. The Income Tax Officer rejected the book results and estimated the net profit at Rs. 40,985. The AAC reduced the turnover to Rs. 1,50,000 and net profit to Rs. 34,235. The Tribunal upheld the proviso to s. 145(1) of the IT Act and estimated the net profit at Rs. 25,000, partially allowing the assessee's appeal.