1982 (3) TMI 144

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....te as adopted by the AAC (AAC for short). 2. The assessee derived income from its business in manufacture of drugs. It is stated that since there was no licence to manufacture drugs, the assessee has this work being done by other concerns. At the time of hearing, the assessee's ld. counsel read out portions of the order of the AAC relating to the asst, yr. 1973 74 in which the facts and back-gr....

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....d by him that for the asst. yr. 1974-75 the GP rate was adopted at 23 per cent by the Tribunal. It is submitted by him, that the facts of the case during the year are slightly different inasmuch as the sales has come down considerably. According to him the book results should have been accepted as reasonable and no addition should have been made. At the time of hearing, reference is made to anothe....

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....roviso to s. 145(1). According to him, the asst. yr. 1974-75 would be the nearest year for comparison in which the Tribunal has adopted a rate of 24 per cent. In brief, it is urged that the order of the AAC for both the years may be sustained. 4. We have gone through the orders of the authorities below for our consideration along with the rival contentions made on behalf of the assessee. Having....