1983 (2) TMI 108 - AT - Income Tax

Summary

The Appellate Tribunal ITAT DELHI-D ruled in favor of the assessee, a partnership firm, allowing continuation of registration until 11th August 1978 despite the death of a partner. The Tribunal also overturned the ITO's decision to increase the gross profit rate, stating that the assessee's disclosed profit margin of 6% was fair and deleted the additional Rs. 8,000.