1977 (2) TMI 30

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..... 1,33,058 and Rs. 1,22,241. For the asst. yr. 1970-71 the ITO observed in his assessment order that the assessee produced books of account and furnished details and then it was stated that no books of account were maintained. In these circumstances, he estimated the turnover at Rs. 55,000 and applied the rate of net profit at 30 per cent thereon in order to arrive at an income of Rs. 16,500 wherefrom a sum of Rs. 1768 was allowed on account of maintenance of car. Thus, the net business income from business was arrived at Rs. 14,738 for the asst. yr. 1970-71. In respect of the asst. yr. 1972-73, the ITO found, in the absence of any books of account viz. vouchers and other relevant evidence, no other alternative than to resort to estimate in .....

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..... bove. 5. Being dissatisfied with the AAC's decision, the assessee has preferred to present appeals before the Appellate Tribunal. Learned counsel has placed before us statements showing the bills thereon, monthly analysis of expenses, statement of bank deposits and withdrawals, comparative chart covering the assessment years 1968-69 to 1974-75 recording turnover, percentage of profit shown, business income ascertained by the ITO and reliefs in appeals, a copy of the order of the order of the AAC dated 23rd Feb., 1975 for the assessment year 1968-6, 1969-70 and 1971-72 and a copy of the order under s. 234 of the IT Act, 1961 by the Commissioner of Income-tax, West Bengal-V XII, Calcutta for the asst. yr. 1974-75 deleting and addition of Rs .....

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..... circumstances, he submits that the estimate of turnover was reasonable and moreover, in regard to the rate of gross profit adopted by the ITO the latter was guided by the preceding years. 7. We have given our due consideration to the rival submissions and find some merits in the contentions put forward by the assessee's learned counsel. From the comparative chart covering assessment years 1968-69 to 1974-75 we find that either the ITO or the AAC had accepted the assessee's turnover for the assessment years 1968-69, 1969-70, 1971-72 and 1974-75. The rate of gross profit disclosed by the assessee for respective assessment years 1968-69 to 1974-75 was 25 per cent, 25 per cent, 25 per cent, 15 per cent 12 1/2 per cent, 12 1/2 per cent, and 9. .....

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