1979 (1) TMI 117

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....he asst. yr. 1975-76. The assessee deals in Baroda on wholesale basis. The sales of this year are Rs. 12,87,609 with the gross profit of 12 per cent as against the sales of Rs. 8,11,364 with the gross profit of 14 per cent in the earlier year. The ITO has merely mentioned that the defects pointed out in the past continued to exist during this year. As the gross profit disclosed was, according to t....

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....e results of this year were reasonable. It was, therefore, pointed out that no addition was called for. The departmental representative, on the other hand, relied on the findings of the lower authorities. 3. Considering the past assessment history, we consider that the trading results shown by the assessee this year is fair and reasonable. Trading conditions do not remain uniform year after yea....

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....e lumpsum addition merely on the ground that defects existed in the books of accounts this year. It was pointed out to us by the assessee's counsel that in the statement of facts before the AAC it was made clear that there existed quantitative records and other material evidence supporting the assessee's accounts. It was pointed out to us that while in the earlier years purchases from hawkers were....

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....ed out at Rs. 8,078. 5. It was argued before us by the assessee that the partners were living close to the place of business and that the two cars owned by the firm were being very substantially used for the purpose of business. It was, therefore, pointed out that the disallowance should be reduced. The departmental representative on the other hand, pointed out that for the asst. yr. 1974-75 th....