1976 (6) TMI 44

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....610 disclosed by the assessee. 2. The assessee is a firm of four partners constituted for the purpose of carrying on business of contracts. Its main contract was to supply labour but it also undertook construction work on a small scale. The total receipts in the accounting year accounted to Rs. 72,330 and on the basis of the accounts maintained by the assessee, it declared the income of Rs. 5,6....

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.... 3. In my opinion, the profits shown by the assessee in the first year of business on a small turnover of Rs. 72,330 at 7.7% should not have been considered unreasonable. The Department has not been able to point out any serious mistake except the usual mistake that the payments were not vouched. This is a firm of four partners and neither of them is liable to tax nor the firm. Therefore, the qu....