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TMI Blog1982 (7) TMI 163X X X X Extracts X X X X X X X X Extracts X X X X ..... nd year. The assessee sold silver ornaments on wholesale basis. In the first year, on total sales of Rs. 9,81,000, the gross profit rate shown was 5.3% and the net rate was shown at 3% in the second year on total sales of Rs. 12,28,170 the gross profit rate shown was at 7% and the net rate was shown at 5.8%. The ITO finding the rate shown as low for both the year as also some other defects as deta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... titative tally was maintained, no addition was called for, even when the revenue authorities found some minor discrepancies. It was further contended that simply because the rate shown was low that could not be made a ground for the addition. The Deptl. Rep. on the other hand submitted that in view of the discrepancies found, the addition as sustained by the CIT (Appeal) should not be disturbed. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are accepted. The additions in both the years are deleted. While making the deletion, we have taken note of the accepted history of the case in the past as well as in the future. 4. The next common ground in these appeals is the disallowance of scooter expenditure at 1/3 rd of the total claim. It is submitted by the ld. counsel for the assessee that the disallowance is not called or in any case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hand submitted that as the assessee had not been able to prove that lays the same had rightly been rejected. We would have agreed with the Deptl. Rep if the amount was huge. But this being a paltry sum lost by way of theft out of the cash in hand it should not have been disallowed because no F.I.R. was filed or the assessee could not prove it to the hilt. In the trade in which the assessee is eng ..... X X X X Extracts X X X X X X X X Extracts X X X X
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