2004 (8) TMI 35

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....ered by N.K. Sud J.- This appeal is directed against the order of the Income-tax Appellate Tribunal, Chandigarh Bench, Chandigarh (for short "the Tribunal"), dated December 16, 2003, relating to the assessment year 1996-97. The assessee derives income from manufacturing and sale of sweets and snacks. For the assessment year 1996-97, he filed his return declaring an income of Rs. 3,96,720. Th....

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....essment year 1993-94, the Assessing Officer had applied the GP rate of 25 per cent. In view of these circumstances, the Assessing Officer rejected the books of the assessee by invoking the provisions of section 145(2) of the Income-tax Act, 1961 (for short "the Act"), and applied a GP rate of 25 per cent. on the total sales of Rs. 43,86,556. Accordingly, he made an addition of Rs. 1,09,817. Agg....

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.... has been observed that no quantity-wise details had been maintained and as such it was not possible to compare the input with the output. It was also noticed that the sales at the retail counter were being conducted on the basis of small slips in place of regular sale bills and the accounts were audited on the basis of slips only. These defects coupled with the low gross profit rate as compared t....