1980 (2) TMI 162 - AT - Income Tax

Summary

The appeal was filed by the assessee against the addition of Rs. 37,320 (5% of book turnover) due to low gross profit and non-maintenance of stock registers. The ITAT Madras held that the addition was not justified as the lack of daily stock register did not imply sales suppression. The appeal by the assessee was allowed. (Case citation: 1980 (2) TMI 162 - ITAT MADRAS-D)