TMI Blog1976 (3) TMI 66X X X X Extracts X X X X X X X X Extracts X X X X ..... ents of the two years which were deleted in appeal by the AAC. 2. The assessee is engaged in the manufacture and sale of Cardboard boxes and lables and is also a dealer in grey boards for the two years on hand, for its manufacturing Department, it returned a turnover of Rs. 4,03,820 and Rs. 4,96,926 and declared gross profits thereon at the rate of 17.18 per cent and 18 per cent respectively. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ut profits thereon at 20 per cent. Similarly the turnover of the sales Department was estimated at Rs. 12 lakhs and Rs. 6-1/2 lakhs respectively and the profit thereon was worked out at the rate of 15 per cent. There was thus a total addition of Rs. 97,334 in the first year and Rs. 64,342 in the second year. 3. In the appeal, the AAC held that the ITO had not made out any case for rejecting the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erably more. The gross profit rate of 17 per cent and 18 per cent in the two years is also much more than what had been accepted for the earlier two years. In the Sales Department, there is a gradual decrease in turnover. Nonetheless, for the asst. yr. 1971-72, the gross profit rate of 10.76 per cent declared is even more than what had been accepted by the Department for the asst. yr. 1970-71. For ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion to s. 145(1) is to be considered as applicable, there must be the further consideration whether on the facts and in the circumstances of the case any additions would be warranted. We do not find that there is justification in these cases for making any additions to the trading results disclosed by the assessee. We accordingly confirm the order of the AAC and dismiss these appeals as devoid of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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