1982 (7) TMI 169

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the trading addition of Rs. 45,340 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 7% and the net rate was shown at 5.8%. The ITO fin....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... 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 the CIT (A) should not be disturbed. 3. After hearing both the parties, we are of the view that the trading accounts have not to be disturbed. The assessee who is ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ed 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 1/3rd of the total claim. It is submitted by the ld. counsel for the assessee that the disallowance is not called for or in any case, the same is excessive. As we do not agree with the contention of the ld. counsel for the assessee that no allowan....