TMI Blog1979 (12) TMI 87X X X X Extracts X X X X X X X X Extracts X X X X ..... he asst. yr. 1975-76 the assessee had undertaken 4 contract works and the gross receipts were shown at Rs. 5,86,203. The ITO has mentioned in the assessment order that the account books are subject to audit but that the quantitative details were not available and that there was no check on the materials consumed during the construction. As the ITO did not notice any stock register or work in progr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Communications Department, Thane, the Industrial Inspector, the Sub-Registrar of Thane and others. For all these reasons, he directed the ITO to accept the accounts and allowed the appeal. 3. It was argued before us by the Deptl. Rep. that the assessee did not maintain the account books properly and that there were defects as pointed out by the ITO, in the books of accounts like the absence o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onsidered the rival contentions advanced by both the sides and are inclined to agree with the submissions made by the assessee. It may be that the stock-register was not available. But on that account alone trading additions cannot be sustained. There is no finding given by the ITO that the trading results shown by the assessee were so low or unreasonable as to warrant an addition. It is not enoug ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cases on record. 1. Y.V.M. Somaraju Co. vs. CIT(1), 2. S.S. Setty Sons vs. CIT(2), 3. Kmoyammankutty vs. ITO(3), 4. P. Subbaraidu Co. vs. CIT(4). We may further notice that the ITO had not brought any material on record reflecting the trading conditions existing during the relevant accounting year. Trading conditions need not remain uniform from year to year and it would norm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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