1976 (2) TMI 65

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..... confirming the estimates of turnover and gross profit adopted by the Income Tax Officer in respect of its retail business in cloth. 2. In the course of the assessment, the Income Tax Officer refused registration to the assessee firm and also rejected the books of account maintained by it estimated the turnover at Rs. 5,96,000 as against Rs. 5,81,012 disclosed by the assessee and the gross profit .....

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..... 4. It is the contention of the learned counsel for the assessee that this is the very first year of the assessee's business in cloth and it had to carry on this business in competition with other well-established dealers in this line. Keeping this fact in view, it could not be said that the gross profit of 10% disclosed by the assessee in unreasonably low. Accordingly, we do not find any justifi .....

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