1976 (10) TMI 44

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....n of the lower authorities estimating assessee's income from his financing business of the year at 15 per cent of the capital employed. 2. The assessee admittedly is engaged since many years past in the business of film financing and money lending. Since he did not produce before the authorities any books of account relating to the business but excused himself stating that no accounts were bein....

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.... proportion. He stressed the fact that in all the years upto 1966-67 assessment year, even in making estimates of income the rate adopted was only 10 per cent. Though huge additions were made in the assessment of 1967-68, 1968-69 and 1969-70 and such additions were in part sustained by this Tribunal, the same was pointed out to us as having been struck down as void by the High Court in the Writ Pe....

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.... 15 per cent profit rate on the capital which was admitted to the assessee. The fact remains that in all the earlier years the profit rate adopted was only 10 per cent. The High Court has quashed the assessments of the years 1967-68, 1968-69 and 1969-70 and, therefore, and reliance on the Tribunal's observations in the orders relating to the assessments of those years may not also be quite proper.....