1979 (10) TMI 104 - AT - Income Tax

Summary

The case involves M/s Northeren Jute Traders appealing for the assessment year 1974-75. The Income Tax Appellate Tribunal (ITAT) Calcutta-C ruled in favor of the assessee, deleting additions made to the gross profit. However, a portion of car expenses disallowed by the Income Tax Officer (ITO) was upheld by the Appellate Authority Commissioner (AAC), but the ITAT reduced the disallowance to 1/5th. The appeal by the assessee was partly allowed.