2001 (7) TMI 11

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..... le vouchers and made trading addition of Rs. 4,13,077 in the country liquor business by applying the net profit rate of 25 per cent. on total outgoings of Rs. 2,06,83,435 determining the net profit at Rs. 51,70,859 as against Rs. 47,57,782 shown by the assessee - Tribunal had appreciated the rival claims of both parties and accepted the claim of the assessee and reduced the addition to Rs. 2 lakhs .....

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..... liquor business by applying the net profit rate of 25 per cent. on total outgoings of Rs. 2,06,83,435 determining the net profit at Rs. 51,70,859 as against Rs. 47,57,782 shown by the assessee. A similar order was passed in IMFL business also. The assessee preferred an appeal before the Commissioner of Income-tax (Appeals), who by order dated March 25, 1999, had allowed the appeal while confirmin .....

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..... d sale vouchers and its sales were not verifiable. He further submitted that expenses were also not supported by authentic vouchers and due to these defects, the Assessing Officer had invoked the provisions of section 145(2) of the Act. This contention, in our opinion, has no merit. The Tribunal had appreciated the rival claims of both parties and accepted the claim of the assessee and reduced t .....

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