1986 (11) TMI 130

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..... are common. 2. In the assessee's appeal the issues involved are that the Department had considered the same material which were on record on the basis of which they have reopened the assessment and concluded the assessment which is bad in law. On merits it was submitted that in these two years the assessee who is an agent of the Life Insurance Corporation did not have proper books of accounts s .....

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..... cannot exceed Rs. 10,000 for which purposes books of accounts necessarily has to be maintained. In the Departmental appeal they submitted the AAC has cancelled the assessment on legal grounds but in that year the assessee did maintain accounts which cannot be said to be proper in every respect. 3. We have carefully considered the arguments of the parties concerned and we find that there is consi .....

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