1976 (2) TMI 91 - AT - Income Tax

Summary

The judgment by the Appellate Tribunal ITAT Nagpur for asst. yr. 1974-75 involved an appeal and cross objection regarding the assessment of the assessee's cloth business. The Tribunal found that the margin of profit disclosed by the assessee was not unreasonably low, and thus directed the deletion of the addition of Rs.1,800 sustained by the AAC. The assessee's capital was allowed, and the departmental Cross Objection was dismissed.