TMI Blog1973 (7) TMI 91X X X X Extracts X X X X X X X X Extracts X X X X ..... xable turnover of Rs. 7,19,025.09 for the assessment year 1964-65. The assessing authority did not accept the correctness of the accounts and added 20 per cent to the book turnover and this resulted on a turnover of Rs. 1,43,814.64 being added to the reported turnover. There was an appeal to the Appellate Assistant Commissioner, but without success. On a further appeal to the Sales Tax Appellate T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 per cent to the purchase turnover of the assessee. The assessee questions the view taken by the Tribunal before us. According to the learned counsel, the Tribunal having found that it is neither obligatory nor practicable to issue pay-in-slips for all transactions, it should have accepted the turnover as per the books without making any addition. It is also urged by the learned counsel that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is low. If the Tribunal has indicated any reason as to why the account books cannot be accepted, then the estimate of the taxable turnover made by the Tribunal cannot be taken exception to, as the normal gross profit rate can be taken as one of the relevant considerations for estimating the actual sales turnover. But, in this case, the Tribunal has not found fault with the accounts of the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to sustain the estimate made by the authorities in that year unless there were serious defects pointing out purchases or sales suppressions and stated that the low gross profit margin alone cannot be taken to reject the accounts. In this year, the assessee's accounts have shown a gross profit rate of 39 per cent as against 38 per cent shown in the previous year. In addition, the assessee's taxa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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