9911796707
TMI Blog1978 (11) TMI 97X X X X Extracts X X X X X X X X Extracts X X X X ..... levant to the asst. yr. under consideration, the assessee filed return declaring an income of Rs. 10,034 on total sales of Rs. 4,28,542 and disclosed gross profit of 10.5 per cent. According to the ld. ITO, from the books maintained by the assessee true income could not be ascertained. The ld. ITO estimated the retail sales at Rs. 3,30,000 and applied gross profit rate of 15 per cent. The wholesal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ears, the gross profit was disclosed at 12.2 per cent, 11.7 per cent and 10.4 per cent respectively. The gross profit so declared was accepted by the Dept. In this year, the total sales have come down to Rs. 4,28,543 but even then the assessee disclosed gross profit rate of 10.5 per cent. The profit so declared is better than the gross profit disclosed by the assessee in the immediately preceding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7. The ld. counsel for the assessee did not press ground No. 4 regarding car expenses. So this point is decided against the assessee. 8. Other contention of the assessee was that the ld. ITO was wrong in disallowing the sum of Rs. 725 as entertainment expenses. According to the ld. counsel the sum of Rs. 725 were incurred in providing tea, pan etc. to the employees of the assessee firm, and c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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