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1981 (6) TMI 67
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....d under the provisions of s. 271(1)(C) by the IAC. 2. The assessee is a retail dealer in medicines. In making the assessment, the ITO had estimated the turnover at Rs. 6,50,000 against Rs. 6,17,705 shown and the gross profit at 11 per cent against 9 percent disclosed. In the course of examination of accounts, the ITO called upon these to reconcile some purchases of medicines towards the close o....
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....he IAC has made a mention that finally partner Shamsheer Hussain admitted in writing that there was suppression of sales. We have already referred to the statement of Shamsheer Hussain 1dt. 30th March., 1976. There was no such admission in the statement. He only stated that he could not reconcile the purchases fully with the stocks. 5. The submission of the ld. Counsel before us was that the ad....