2012 (10) TMI 613

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.... the income tax department. This appeal under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal dated 14.8.2008 for the assessment year 2003-04 has been filed on the following questions of law:-   "(1) Whether on the facts and in the circumstances of the case, the Tribunal is justified in law in deleting the addition of Rs.13,64,441/- made o....

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.... that some of the sarees in the stock had gone out of fashion and had become unsalable and that discounts were given to the customers at about 10-15%. The Tribunal accepted the explanation and reduced the gross profit rate from 16.87%, which the A.O. had worked out after rejecting the account at 15.7%. The addition at Rs.68,800/- on account of dis-allowance of the salary was maintained. We are ....