1976 (2) TMI 59

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....ls in pens. On the sales of Rs. 3,63,984 it declared as gross profit of 14 per cent. The ITO found various defects in the maintenance of the stock account. In face, there was complete absence of stock register while there were mistakes in stock tally. The ITO also found that the assessee had taken insurance of its stock-in-trade for a sum of Rs. 1,50,000 on22nd Aug., 1970while the goods in stock w....

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....t be denied that the provisions of s. 145 of the Act are applicable to the case of the assessee. We also agree with the finding of the AAC that there was no suppression of stock as the amount of the insurance did not exceed the actual stock in hand. The question for our consideration, therefore, remains as to whether in view of the application of the provisions of s. 145 of the Act any addition ca....