1980 (6) TMI 48 - AT - Income Tax

Summary

The appeal was filed by a liquor contractor for the assessment year 1974-75. The Income Tax Officer estimated sales at Rs. 9,60,000 with a gross profit rate of 12.5%, resulting in an addition of Rs. 37,560. The Appellate Tribunal applied a gross profit rate of 9% on estimated sales of Rs. 9,60,000, providing relief to the assessee. The appeal was allowed in part. (Case: Appellate Tribunal ITAT BOMBAY-B, Citation: 1980 (6) TMI 48 - ITAT BOMBAY-B)