TMI Blog1980 (6) TMI 48X X X X Extracts X X X X X X X X Extracts X X X X ..... 8.8 per cent. The ld. ITO, after rejecting the Book result estimated the sales at Rs. 9,60,000 and applied gross profit rate of 12.5 per cent. Thus addition of Rs. 37,560 was made. The ld. AAC in appeal applied gross profit rate of 11 per cent and thus the addition of Rs. 23,160. 2. Before the Tribunal, on behalf of the assessee, it was contended that in the asst. yr. 1973-74 the ld. AAC himsel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. AAC applied the gross profit rate of 9.5 per cent. In that year, the sales were about Rs. 8 lakhs. In the year of account the disclosed sale were at Rs. 9,39,868. It means that in the year of account the sale have increased considerably. In the immediately preceding year, the ld. AAC applied the rate of 9.5 per cent. That finding was accepted by the Department. Looking to the aforesaid facts an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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