1981 (7) TMI 119

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..... is a registered firm earning income from business in general merchandise on wholesale basis. According to the ITO the assessee declared a gross profit of Rs. 1,11,594 on total sales of Rs. 15,35,700, thereby giving a GP rate of 7 per cent which was considered by him to be low. The ITO further observed that the books of accounts suffered from numerous defects in as much as neither stock register ha .....

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..... essee stated that the asst. yr. 1976-77 was on the only year in which due to some price fluctuations there was rise in the G.P. rate, otherwise the G.P. earned in the asst. yr. 1977-78 continues to be the same as in the asst. yr. 1975-76. Besides the above the assessee pleaded that due to opening of some other shops, the assessee had to face keen competition and that is why he could not earn highe .....

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