1976 (5) TMI 60 - AT - Income Tax

Summary

The Appellate Tribunal ITAT Patna-A consolidated and disposed of two cross appeals by a common order involving a hardware dealer. The Income Tax Officer estimated sales at Rs. 4 lacs with a profit rate of 15%, resulting in an addition of Rs. 23,076. The AAC reduced the estimate to Rs. 3,77,000 with a profit rate of 12%, adding Rs. 8,316. The Tribunal found no grounds for rejecting the trading account and deleted the addition of Rs. 8,316, accepting the assessee's trading account. The Departmental appeal was dismissed, and the assessee's appeal was allowed.