1993 (1) TMI 118

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..... from sale of Indian made foreign liquor, Rs. 7,370 from house property and Rs. 11,000 from agriculture, returned by the assessee was accepted under s. 143(1) of the IT Act, 1961. The said assessment was reopened under s. 143(2)(b) of the Act. There was no dispute as to the income of Rs. 7,370 from house property and of Rs. 11,000 from agriculture already accepted under s. 143(1) of the Act. On re .....

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..... 58,879; whereas he had taken the sales at 2.5 times of the licence fee at Rs. 7,98,750, an amount much less than what was already declared by the assessee. This was treated as mistake apparent from the record. The CIT(A) rectified his order dt. 25th Aug., 1986 under s. 154 of the Act by order dt. 23rd Jan., 1987. He, thereby, took the sales at Rs. 16,58,879 and applied a net profit rate of 5% ther .....

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..... 5% is just and proper. On the other hand, the learned counsel for the assessee contended that in the case of Smt. Girija Jaiswal, the CIT(A), Jabalpur, has sustained the application of net profit rate of 3%. It is to be seen that the case of Smt. Girija Jaiswal was that of a wholesale merchant in Indian made foreign liquor, whereas the present assessee was a retailer. In this view of the matter, n .....

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