2001 (7) TMI 11 - HC - Income Tax

Assessee is a wine contractor. During the course of assessment proceedings, the assessee had produced cash book, ledger, purchase vouchers, sale register, etc. The Assessing Officer had invoked the provisions of section 145(2) of the Act since the assessee had not produced the sale vouchers and made trading addition of Rs. 4,13,077 in the country liquor business by applying the net profit rate of 25 per cent. on total outgoings of Rs. 2,06,83,435 determining the net profit at Rs. 51,70,859 as against Rs. 47,57,782 shown by the assessee - Tribunal had appreciated the rival claims of both parties and accepted the claim of the assessee and reduced the addition to Rs. 2 lakhs. No substantial question of law is involved in this appeal.

Summary

The High Court of Rajasthan dismissed the appeal under section 260A of the Income-tax Act, 1961, filed by a wine contractor against the decision of the Tribunal. The Tribunal reduced the trading addition made by the Assessing Officer from Rs. 4,13,077 to Rs. 2 lakhs. The Court upheld the Tribunal's decision, stating that no substantial question of law was involved in the case.