1977 (3) TMI 57 - AT - Income Tax

Summary

The appeal related to assessment year 1974-75, involving an addition of Rs. 10,000 on account of low gross profit. The firm's gross profit was 6%, but the Income-tax Officer made an adhoc addition of Rs. 20,000. The Appellate Assistant Commissioner reduced the addition by Rs. 10,000. The Tribunal accepted the book results, considering the increased turnover and quick turnover rate, and deleted the addition of Rs. 10,000. The appeal was allowed.