1976 (3) TMI 66

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... is concerning the additions to the gross profits made by the ITO in the assessments of the two years which were deleted in appeal by the AAC. 2. The assessee is engaged in the manufacture and sale of Cardboard boxes and lables and is also a dealer in grey boards for the two years on hand, for its manufacturing Department, it returned a turnover of Rs. 4,03,820 and Rs. 4,96,926 and declared gro....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ring Department at Rs. 4-1/2 lakhs and Rs. 5-1/2 lakhs respectively and worked out profits thereon at 20 per cent. Similarly the turnover of the sales Department was estimated at Rs. 12 lakhs and Rs. 6-1/2 lakhs respectively and the profit thereon was worked out at the rate of 15 per cent. There was thus a total addition of Rs. 97,334 in the first year and Rs. 64,342 in the second year. 3. In t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... years now on hand so far as the manufacturing Department is concerned is considerably more. The gross profit rate of 17 per cent and 18 per cent in the two years is also much more than what had been accepted for the earlier two years. In the Sales Department, there is a gradual decrease in turnover. Nonetheless, for the asst. yr. 1971-72, the gross profit rate of 10.76 per cent declared is even m....