9911796707
TMI Blog1980 (2) TMI 100X X X X Extracts X X X X X X X X Extracts X X X X ..... on of Rs.16,000 to the trading results of the assessee in respect of the asst. yr. 1975-76 presently under appeal. 2. That provisions of the proviso to sub-s. (1) of s. 145 are applicable to the facts of this case, is not disputed by the ld. counsel for the assessee. He, however, submits that the trading results shown by the assessee were satisfactory and, that, therefore, the same should have b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... per cent in gross profit rate and made the impugned addition of Rs. 16,000 to the declared trading results, which come to about 1 per cent of the sales declared. The ld. AAC on appeal, confirmed the above estimate of the ITO. While doing so he observed as follows: "While making the addition, the ITO has been judicious even in taking less rate of gross profit than disclosed by the appellant itsel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s accounts all along. Merely because this year the profits have gone down, there could be no justification to reject the assessee's accounts more particularly when the assessee had given a cogent explanation for the decline in the gross profit rate. The learned counsel for the assessee drew our attention to the explanation, which it had given before the AAC, namely, that in the prices of Dhania an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eless the fact remain that the trading results of the assessee were accepted by the Department and this year merely because the profits have gone down slightly, rejection of the accounts would not be justified more particularly when the turnover of the assessee has gone up very considerably from about Rs. 9 lacs to Rs. 16,48,000 approximately. In the immediately following asst. yr., the profits of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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