1984 (12) TMI 77

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....s. 7,759 on the sales of Rs. 1,31,742. He also deals in kerosene oil and other allied products in the Branch styled Vijai Agencies. Here he declared a profit of about 30 per cent on the sales of Rs. 30,282. The ITO observed in the assessment order that the cash memos had credit memos were produced before him which were test checked, that the purchases and sales were vouched and that no discrepancy....

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....lief with out giving any reasons. 3. On behalf of the assessee it was submitted by the ld. counsel for the assessee that whatever might have been decided in the earlier years, the ITO himself had found that proper stock account was maintained and the purchase and sales were vouched. According to him, therefore, no addition could be made to the trading account. He admitted that the assessee had ....