9911796707
TMI Blog1982 (4) TMI 158X X X X Extracts X X X X X X X X Extracts X X X X ..... tely preceding year which has been raised to 56 per cent in assessment. In asst. yr. 1976-77 the GP disclosed was 30 per cent. In asst. yr. 1975-76, it was 54 per cent. The books of account were not reliable. The value of closing stock was shown on estimate and no inventory of goods was maintained. There was also no stock account. The ITO rejected the book results and added Rs. 50,000 to the tradi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uffered loss of 10 per cent while in the sale of a bus he earned a profit or 8.9 per cent. In dealing in burnt oil in first deal the profit was 2 per cent and in second deal it was 3.8 per cent. It was further pointed out that there was a such higher margin of profit in the sale of motor parts which had gone down this year to Rs. 93,156 as against Rs. 1,34,550 in the last year. It was also urged t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, therefore, held to be business income of the firm which the Commr. (A) confirmed. In our opinion the orders of the authorities below in this regard are correct and we uphold the same. 6. Lastly there is disallowance of Rs. 2,000 of the trading expenses since they were undetailed and unvouched. The disallowance is confirmed. 7. The appeal is partly allowed. - - TaxTMI - TMITax - Income T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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