1978 (11) TMI 97 - AT - Income Tax

Summary

The appeal was filed by a Registered Firm for the asst. yr. 1976-77. The income was estimated by the ld. ITO resulting in an addition of Rs. 14,103. The ld. AAC sustained a trading addition of Rs. 4,419. The Tribunal found the disclosed profit reasonable based on past history and deleted the addition. The claim for entertainment expenses of Rs. 725 was allowed. The appeal was allowed in part.