1979 (2) TMI 135

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.... registered firm dealing in hardware and medicine. 2. The assessee had disclosed a gross profit of Rs. 27,411- on the total turnover of Rs. 1,99,463 in hardware business. The gross profit works out at 14 per cent. In medicine the assessee has disclosed a gross profit of Rs. 14,900 on the total turnover of Rs. 1,42,904. The gross profit works out at 10 per cent. The Income tax Officer has reject....

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....r cent is generally accepted by the appellant authority. In respect of medicine it is submitted that the rate of gross profit of 10 per cent is generally accepted. It is further stated that the AAC while checking the percentage of profit earned by the assessee in medicine has not considered the sales tax paid by the assessee. If this is considered the gross profit comes equal to the rate of gross ....