1979 (2) TMI 136 - AT - Income Tax

Summary

The ITAT Jabalpur heard the assessee's appeals for asst. yrs. 73-74 to 75-76. The dispute was about estimating net profit on total receipts. The assessee declared income ranging from 4.05% to 4.17% on receipts. The ITO estimated net profit at 8%, reduced to 7% on appeal. Comparable cases showed net profit rates of 3% to 4.6%. Considering this, a net profit rate of 5% on total receipts was deemed appropriate. The appeals were partly allowed. (Case: 1979 (2) TMI 136 - ITAT JABALPUR)