TMI Blog1976 (12) TMI 36X X X X Extracts X X X X X X X X Extracts X X X X ..... 31, 1966, returned an income of Rs. 282 for the assessment year 1966-67. The Income-tax Officer rejected the books produced by the assessee and estimated the sales at Rs. 11,50,000 (as against Rs. 10,78,858 shown in the books) and estimated the profit at 7 1/2 per cent. of the total estimated sales. This came to Rs. 87,750. The appeal preferred to the Appellate Assistant Commissioner and the furt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ear or the assessee's own assessments of earlier years, if the assessee was carrying on the same business in those years. But, he said, the revenue was not justified in taking into account the case of a different assessee for an earlier year. He submitted that because of Indo-Pakistan war in September, 1965, the assessee's sales had gone down considerably and it was useless to take the case of pre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mp after September, 1965, though there appears to be some slump in September, 1965, only. In fact it was in December, 1965, that there were peak sales of the assessee. It is also revealed from the order of the Appellate Assistant Commissioner that the sales of the contractor for the year 1964-65 amounted to Rs. 4,70,000 only. Therefore, the assessee's sales, which even according to him, amounted t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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