1979 (2) TMI 135 - AT - Income Tax

Summary

The Appellate Tribunal ITAT Jabalpur allowed the appeal filed by the assessee for the assessment year 1973-74 against the order of the AAC. The Tribunal held that the estimated gross profit rates of 17 1/2 per cent and 15 per cent on the sales in hardware and medicine businesses were excessive, and directed the ITO to modify the assessment based on gross profit rates of 15 per cent and 10 per cent, respectively.