TaxTMI 
TaxTMI 
1981 (2) TMI 99
X X X X Extracts X X X X
X X X X Extracts X X X X
....round that the proviso to sub-s. (1) of s. 145 was applicable to the facts of the present case and that the trading results of the assessee were not satisfactory. 3. The assessee does not dispute the applicability of the provisions of sub-s. (1) of s. 145 of the IT Act, 1961 to the facts of present case, but his submission is that the results shown by him are in accordance with the past history of the assessee's case and as such there was no justification for having made the impugned addition. Our attention was invited to the chart placed at page 2 of the assessee's paper book wherefrom it appears that in respect of the asst. yrs. 1971-72 to 1974-75, the gross profit rate varied from 7.8 per cent in 1971-72 to 8.7 per cent in 1973-74. In....
X X X X Extracts X X X X
X X X X Extracts X X X X
....eased the same by about Rs. 9,000 even though the addition sustained by him was only Rs. 5,736. Even this was not, according to the ld. counsel for the assessee, justified. On behalf of the Department, the orders of the ld. AAC were stoutly supported and it was pointed out that the ld. AAC had already given the necessary relief to the assessee by reducing the gross profit rate from 12 per cent as estimated by the ITO to 10 per cent and that no further relief to the assessee was warranted. 3A. After carefully examining the facts of the case, we feel that so far as the trading results of the assessee in respect of the asst. years under consideration are concerned, it is difficult to regard them as unsatisfactory in view of the assessee' pa....
X X X X Extracts X X X X
X X X X Extracts X X X X
....he orders of the authorities below are stoutly supported. 5. We have looked into the records of the case and perused the orders of the authorities below. Except for the bald assertion in the orders of the lower authorities that the books of account maintained for money lendings business were not amenable to proper check, no instance has been given by them in support of their assertion. The assessee is a licensed money lender and as such he is obliged to maintain proper books of account. The copy of the licence has been placed on record. The above finding of the authorities below, therefore, does not appear to us to be justified and accordingly we are unable to sustain it. In the result, the additions of Rs. 1,000 made to the money lendin....
X X X X Extracts X X X X
X X X X Extracts X X X X
....g of the ITO on this point. 8. The above concrete finding of the authorities below is challenged by the assessee before us. Apart from placing reliance on the statement of Shri Gujrati Lal which was made before us, in Ex tenso it was also pointed out to us that the approved valuer on the basis of whose report the addition in question was sought to be made by the ITO had clearly stated in his report against Item No. 41 that the construction of the property was undertaken in 1971 and 1972 and that the finishing work was only done in early 1973. The finding of the ITO therefore that the house was constructed during the previous year corresponding to the asst. yr. 1975-76 (i.e. in between 1st April, 1974 and 31st March, 1975) was not based o....