1980 (6) TMI 52 - AT - Income Tax

Summary

The appeal was filed by the assessee for the assessment year 1977-78. The Income Tax Officer found discrepancies in the cash-book maintained by the assessee. The assessee declared a profit of Rs. 62,180 on total payments of Rs. 6,07,097, but the ITO applied a net profit rate of 12% and determined income at Rs. 66,324. The Appellate Tribunal agreed with the assessee that true income was not ascertainable from the books and deleted the addition made by the ITO. The appeal was allowed.