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TMI Blog1981 (11) TMI 92X X X X Extracts X X X X X X X X Extracts X X X X ..... various metals for manufacturing of trunks and bus bodies. Books of account, such as a ledger, cash book were seen by the ITO with the help of vouchers and bank pass book. No stock register had been maintained for the goods dealt in. Even the opening and closing stock inventories had not been prepared. A G.P. of Rs.81,004 was declared which came to 6.8% as against the G.P of 8.9% in the immediate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ver, in the assessee s case a difference was noticed. The assessee s purchase and stock upto date was found to be less by Rs.8,000. Thus it was clear that although the assessee had no stock he had declared higher sales which meant that the assessee had not been entering all the transactions in the books of account maintained by him. He, therefore, rejected the book results. In the absence of stock ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... smissed the appeal. 4. The assessee is aggrieved and has come up in appeal. The main reason which compelled the ITO to reject the books appears to have been discrepancy which he noticed between the purchases and sales upto27th August, 1975. He noted some other defects also and the assessee agreed to the addition of Rs. 26,000. But that was obviously on account of the fact that the ITO had pointe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... addition was written under a misapprehension and ignorance of the expert s report, no appeal would lie against the assessment made on agreed basis. 5. As against this the ld. counsel for the assessee had relied on the Punjab Haryana High Court decision in the case of Chhatmull Aggarwal vs.CIT (1979) 8 CTR (P H) 368 :(1979) 116 ITR 694 (P H) where their Lordships held that the right of appeal b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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