9911796707
TMI Blog1979 (5) TMI 44X X X X Extracts X X X X X X X X Extracts X X X X ..... for each of these two years. These two appeals are disposed of by a common order. 2. The assessee is a registered firm. The main business of the assessee is dealing in umbrella. Besides, he is also a dealer in woollen cloth, hosiery, etc. The main points of dispute for both these years are the estimate of gross profit and disallowance in shop expenses. 3. The assessee had disclosed gross profit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d to bifurcate the sales of umbrella and other items separately. The failure on the part of the assessee to bifurcate the trading account, according to the ITO was advantageous to the assessee. After pointing out these defects, the ITO rejected the trading accounts under s. 145(1). At the time of hearing, we have found that the assessee is not a manufacturer of umbrella. The assessee purchases dif ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... per cent without pointing out any defects. We do not think it fair to reject the book result of the assessee by the ITO. In view of this fact, the G.P. shown by the assessee should be accepted by the ITO for the asst. yr. 1973-74 the assessee had disclosed a G.P. of 12.5 per cent on a total turnover of Rs.12,53,524 as against the turnover of Rs. 10,34,613. This year we find the turnover has gone u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enses claimed by the assessee, also considered the disallowances made earlier and we hold that a disallowance of Rs. 1,500 per year for both these years is fair and reasonable. The assessee gets a relief of Rs. 1,500 for each of these asst. yrs. 1972-73 and 1973-74 out of Rs. 3,000 disallowed for each of these two years retained by the AAC.
5. In the result, the appeals are partly allowed. X X X X Extracts X X X X X X X X Extracts X X X X
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