1981 (11) TMI 96

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.... the trading account for the year under appeal. 2. The assessee derived income from business on sale of Motor spare parts and having a branch dealing in tyres. In respect of G.P. on motor spare parts etc., the trading results were accepted. But in respect of tyre account, the ITO did not accept the profit shown at 4.99 per cent as against 5.5 per cent disclosed last year by the assessee. The sa....

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....are of the opinion that the assessee is entitled to succeed on this point. Admittedly, the difference of the G.P. shown during the year, under appeal and G.P. disclosed during the preceding year, was very nominal. The contention of the assessee that the commodities dealt in by it were essential commodities on which profits were restricted during the year in question remains uncontroverted. Having ....