TaxTMI 
TaxTMI 
1979 (8) TMI 104
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....on agents. For asst. yr. 1973-74 the assessee declared net income at Rs. 64,500. The ITO noticed that yield of 'Chana Dal' and 'Arhar Dal" was lower as compared to the yield in the earlier years. He also estimated possible leakage in the trading account and made lumpsum addition of Rs. 6,000 2. Learned AAC reduced this addition to Rs. 2,000 holding that the yield of 'Chana Dal' was proper. Howe....
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....yield was shown at 70 per cent. According to the learned counsel, in the previous year relating to asst. yr. 1971-72 there was old stock of 'Arhar' weighting 31 quintals only. In the previous year relating to asst. yr. 1972-73 there was no closing stock and only newly purchased 'Arhar' was milled which showed an yield of 72 per cent. Thus according to him, the newly purchased 'Arhar' showed better....
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....We are satisfied that there was no concession by the assessee's counsel and he had merely advanced an alternative argument for reducing the quantum of addition. On facts, we are satisfied about the reasons for a lower yield in the assessment year under appeal and we do not see any justification for an addition of Rs. 2,000 as sustained by the learned AAC. The addition is deleted. 7. Next ground....
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.... the Partners' account. The ITO observed that partners of the assessee firm had made low withdrawals from their account in the firm. He, therefore, made an addition of Rs. 2,000 in respect of each of the five partners, the total addition being Rs. 10,000 9. Learned AAC reduced this addition to Rs. 6,500 on the ground that the household expenses estimated by the ITO in respect of the partners we....