TaxTMI 
TaxTMI 
1982 (7) TMI 163
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....in the first year and Rs. 15,600 in the second year. The assessee sold silver ornaments on wholesale basis. In the first year, on total sales of Rs. 9,81,000, the gross profit rate shown was 5.3% and the net rate was shown at 3% in the second year on total sales of Rs. 12,28,170 the gross profit rate shown was at 7% and the net rate was shown at 5.8%. The ITO finding the rate shown as low for both....
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....rchases and sales were vouched and due quantitative tally was maintained, no addition was called for, even when the revenue authorities found some minor discrepancies. It was further contended that simply because the rate shown was low that could not be made a ground for the addition. The Deptl. Rep. on the other hand submitted that in view of the discrepancies found, the addition as sustained by ....
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....o interfere with the trading results which are accepted. The additions in both the years are deleted. While making the deletion, we have taken note of the accepted history of the case in the past as well as in the future. 4. The next common ground in these appeals is the disallowance of scooter expenditure at 1/3 rd of the total claim. It is submitted by the ld. counsel for the assessee that the ....