1983 (8) TMI 41 - HC - Income Tax

Summary

The High Court of Madhya Pradesh upheld the Income-tax Appellate Tribunal's decision to apply a gross profit rate of 6% on the sales of a partnership firm dealing in potatoes and onions, despite a government direction to charge 2%. The Tribunal considered the firm's historical profits exceeding 2% and ruled in favor of the 6% rate. The court's answer to the referred question was affirmative, and each party will bear their own costs. (Case citation: 1983 (8) TMI 41 - Madhya Pradesh High Court)