1980 (6) TMI 53

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....nder consideration the assessee had some business in Head Office and another in Branch. The result shown in the Head Office was accepted by the ITO but in respect of the business in Branch, the ITO found that the assessee had disclosed a profit of 9.1 per cent on receipts of Rs. 8,78,774. It was explained before the ITO that the lower profit in this year was due to the losses suffered by the asses....

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....ed that the assessee had not earned a profit of 9 per cent in the business affected by floods and the case of the assessee was that his over all profit has gone down as a result of losses suffered in a part of business. It was, therefore, contended that no addition was called for in the special circumstances explained by the assessee. The Deptl. Rep. has relied on the order of the AAC. 4. We ha....

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....able asset and it could be transferred by delivery. The assessee was the owner of the Jeep and the insurance was also paid in the name of the assessee. The consideration for the purchase had also been paid by the assessee. It was, therefore, contended that the claim should not be denied merely because the registration under the Motor Vehicles Act had taken some time. 6. We have considered the f....