https://www.taxtmi.com/caselaws?id=338859 The appellant, a proprietor of a trading firm, disclosed low gross and net profits in the income tax return. The Assessing Officer rejected the figures, applying a higher gross profit rate and adding to the income. The Commissioner of Income-tax (Appeals) reduced the addition. The Income-tax Appellate Tribunal sided with the Assessing Officer, emphasizing the open nature of the traded commodity and upheld the assessment, dismissing the appeal. The Tribunal found no error in the assessment and no substantial legal question for interference. en-us Thu, 22 Dec 2016 00:00:00 +0530 Thu, 23 Jul 2026 12:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338859 The appellant, a proprietor of a trading firm, disclosed low gross and net profits in the income tax return. The Assessing Officer rejected the figures, applying a higher gross profit rate and adding to the income. The Commissioner of Income-tax (Appeals) reduced the addition. The Income-tax Appellate Tribunal sided with the Assessing Officer, emphasizing the open nature of the traded commodity and upheld the assessment, dismissing the appeal. The Tribunal found no error in the assessment and no substantial legal question for interference. Case-Laws Income Tax Thu, 22 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338859