1982 (4) TMI 158

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....s against 40 per cent disclosed in the immediately preceding year which has been raised to 56 per cent in assessment. In asst. yr. 1976-77 the GP disclosed was 30 per cent. In asst. yr. 1975-76, it was 54 per cent. The books of account were not reliable. The value of closing stock was shown on estimate and no inventory of goods was maintained. There was also no stock account. The ITO rejected the ....

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....laced before us. In old tyres the assessee suffered loss of 10 per cent while in the sale of a bus he earned a profit or 8.9 per cent. In dealing in burnt oil in first deal the profit was 2 per cent and in second deal it was 3.8 per cent. It was further pointed out that there was a such higher margin of profit in the sale of motor parts which had gone down this year to Rs. 93,156 as against Rs. 1,....