1980 (7) TMI 142 - AT - Income Tax

Summary

The appeal was filed by the assessee against the order of the AAC maintaining a 20% rate on the estimated capital for money-lending business. The ITAT Jabalpur held that the addition made by the authorities below was not justified as the account books for money-lending business were accepted in earlier assessment years. Therefore, the addition made by the ITO and confirmed by the AAC was deleted, and the appeal by the assessee was allowed. (Case: Appellate Tribunal ITAT Jabalpur, Citation: 1980 (7) TMI 142 - ITAT Jabalpur)