TMI Blog1977 (1) TMI 82X X X X Extracts X X X X X X X X Extracts X X X X ..... 787 4. Sohanlal Gulabchand, Dalkola 111 Total 1,370 4. The authorities below have disallowed the claim of the assessee on the ground that it had produced by evidence to prove that it had made any efforts to recover the debts in question. It is stated by the learned representative of the assessee before ITO that the amounts due from the aforesaid parties corresponded to the value of goods supplied to them and since the parties were not traceable, the assessee could not afford to spend good money for bad money in realizing its dues. This contention is reasonable and deserves to be accepted. The accounts involved are quite petty and so, as prudent businessman, it was quite natural and a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted by the Department in the past. MUSTARD OIL ACCOUNT (Assessment year 1971-72) 8. In this account, the assessee declared its sales at Rs. 54,597 and gross profit at 1%. The Income Tax Officer considered the same to be low and made an addition of Rs. 500 to the trading account of the assessee. This addition has been upheld by the Appellate Assistant Commissioner. 9. We find from the past history of the case that no addition was made to this account in the assessment year 1968-69 1969-70 and 1970-71 and the rate of gross profit at 0.99% was considered to be reasonable by the Department in the assessment year 1969-70. In such a situation, the addition of Rs. 500 in question is uncalled for, and so the same is deleted. ATTA TAX PAID ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... chases were fully vouched. In view of this finding of the Tribunal no addition to this account is called for in this year. That apart, the rates of gross profits at 0.62% and 0.96% were accepted by the Department as reasonable for the assessment years 1968-69 and 1972-73. That being so, the rate of gross profit at 0.85% for the assessment year under consideration cannot be considered to be low so as to justify any addition. The addition of Rs. 4,000 is, accordingly, deleted. LOSSES IN BADAM OIL A/C KHANDSARI SUGAR A/C. (Assessment year 1973-74) 14. In these accounts, the assessee claimed losses of Rs. 495 and Rs. 2,023. The authorities below have disallowed the claim of the assessee on the ground that the assessee could not prove th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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