1980 (9) TMI 108 - AT - Income Tax

Summary

The Appellate Tribunal ITAT Ahmedabad-B upheld the initiation of proceedings under s. 147(b) of the IT Act by the ITO based on information from Revenue Audit. The Tribunal confirmed that sales tax collected by the assessee constitutes trading receipts. The Tribunal directed the deletion of a specific amount from taxable profits to avoid double taxation. The appeal by the assessee was dismissed, and the Commissioner's order was upheld.