1987 (1) TMI 160 - AT - Income Tax

Summary

The appeals by the Revenue for asst. yrs. 1972-73 and 1973-74 were partly successful. The Appellate Tribunal reversed the order of the ld. AAC regarding deduction of security deposit from gross receipts and upheld the net profit rate of 7.5%. The net profit of 7.5% was applied to gross total receipts without any deduction for both years.