1982 (2) TMI 139

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....ssessment year concerned. Year ended 31st Dec, 1975 is the previous year. Assessee is a registered firm deriving income from sale of sewing machines, radios, fans, etc. Assessment was completed by the ITO as per order dt. 30th March, 1979 determining total income at Rs. 47,350. Assessee had declared turnover of Rs. 2,81,453 in the machine account and a gross profit of Rs. 42,295 giving G.P. rate o....

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....t the ITO held the books to be correct and complete. That being the position, there was no room for any G.P. addition or for making an estimate of sales and applying thereto any higher G.P. rate. It is not department's case that in spite of the books, as maintained by the assessee having been correct and complete, the method adopted by the assessee was such as not to enable the ITO to deduce the i....