1982 (9) TMI 119

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.... ended31st December 1976. As in the past in the year under consideration the assessee earned an income from the preparation and sale of sweet-meats and snacks. 2. For the year the assessee returned a net profit of Rs. 21,497 on a turnover of Rs. 1,11,337. The ITO for the reasons stated in the assessment order rejected the book results. He then went on to estimate the net profit at Rs. 40,985 by e....