TaxTMI 
TaxTMI 
1979 (10) TMI 129
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....tified. 2. The assessee is a Registered firm deriving income from sale of grass. For the year under consideration the sales shown by the assessee were to the tune of Rs. 4,20,536 and gross profit at Rs. 59,960 i.e. 12.25 per cent. While completing the assessment of the assessee the ITO was of the view that the gross profit shown by the assessee was low as compared to earlier years. He resorted t....
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.... the partner were very meagre and, therefore, the adhoc addition was made by the ITO against which the assessee went in appeal before the AAC and met with partial success i.e., the AAC gave a partial relief of Rs. 3,000 only. 3. Before the Tribunal, it was contended on behalf of the assessee that for the year under consideration, the turnover has gone to practically double of the turnover for the....
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.... pointed out that for the year under consideration, the assessee sold grass to Cellulose products of India to the tune of Rs. 68,452-56 to Jamnadas Virumal Bhatia, Rs. 16,286-85 and to Chaturbhai Prabhudas Patel Rs. 99,428-93. In short out of the total sales of Rs. 4,20,536, the wholesale sales amounted to Rs. 3,41,954. The Retail business was however small and considering the demurrage of Rs. 23,....