1973 (12) TMI 41

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....ame order of the AAC and, hence for the sake of convenience, they are disposed of by a common order. 2. The assessee is a registered firm carrying on business in the manufacture of medicines. During the A.Y. 1974-75, revenant to the accounting period ending 31 March, 1974, the total net sales were declared at Rs. 10,20,861 on which a gross profit of Rs. 2,08,711, giving a GP rate of 20 per cent....

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....nted out that the assessee maintained a regular day-to-day manufacturing account from which the details of raw material used daily and the drug manufactured on each day could be known and checked. It was contended that the assessee maintained various registers which had been prescribed by the Central and the State Government and these were duly checked by the Government authorities. It was also su....

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....he considered that the GP rate disclosed by the assessee was quite satisfactory and accordingly, he deleted the addition of Rs. 50,000 made by the ITO. Aggrieved, the Department has come up in the present appeal. The assessee has also supported the findings of the AAC by his cross objection. 4. We also heard the learned representatives of the parties at length and in our opinion the order of th....

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....ertained any fresh evidence and thus there was no infringement of Rule 46 A of the IT Rules, 1962. The various registers were duly maintained by the assessee, as prescribed by the Central and the State Excise authorities and were duly checked by the above authorities. If the ITO does not choose to examine these records and they are later on looked by the AAC, it does not amount to production of or....