1980 (6) TMI 48

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....Rs. 9,39,868, it disclosed profit of 8.8 per cent. The ld. ITO, after rejecting the Book result estimated the sales at Rs. 9,60,000 and applied gross profit rate of 12.5 per cent. Thus addition of Rs. 37,560 was made. The ld. AAC in appeal applied gross profit rate of 11 per cent and thus the addition of Rs. 23,160. 2. Before the Tribunal, on behalf of the assessee, it was contended that in the....