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TMI Blog1975 (11) TMI 74X X X X Extracts X X X X X X X X Extracts X X X X ..... asore. For the first three quarters of 1969-70 he maintains sale accounts and thereafter he has switched over to purchase account. While furnishing figures in respect of purchases, he has added no profit. In view of that the AO rejected his accounts and added 25 per cent to the purchase figures as profit as the inspection on 9th March, 1972 revealed that the local purchases are not vouched. On such estimation, he issued addition demand note for each of the years and the additional edmand for 1969-70 is Rs. 530.88, for 1971-72 Rs. 1001.88 and for 1971-72 is Rs. 352.36. 3. Being aggrieved by these orders, the appellant filed three appeals before the first appellate Court. The learned first appellate Court has observed as follows. "The app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hence the second appeals. 4. The learned counsel appearing for the appellant firstly contended that the appellant s accounts for 1969-70, 70-71 and 71-72 are now for consideration. The inspection was made on 9th March, 1973 which is after the close of the accounts of the year 1971-72. Hence the materials found in the inspection cannot be utilised to reject his accounts. He secondly urged as there are no material to reject the purchase accounts, the addition of 25 per cent to the admitted purchase figures is illegal and it should be annulled. He lastly urged the adoption of 15 per cent profit is also heavy and it should be annulled. 5. The learned Addl. S.R. on the other hand contended that the appellant has not maintained sale accounts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... All the retailers throughout the State are showing 15 per cent profit over the admitted purchase figures. Hence the GTO be fixed by adding 15 per cent profit to the admitted purchase. 7. In the result, the appeals are allowed in part. The GTO be redetermined by accepting the purchase figures and by adding 15 per cent profit over the same. The GTO be rateably determined and tax be recomputed by the AO. After recomputation, if it is found that the appellant has paid any excess tax, the same be refunded by him. 8. Lastly, it is to be seen whether the appellant has preferred the second appeals in time. It is an admitted fact that there has been 18 days delay and the matter could have been decided by the Tribunal. But unfortunately it has n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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