1982 (1) TMI 88

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.... by the assessee was considered to be low by the ITO. He also found that the assessee had not maintained day-to-day stock account of Bidi leaves. The ITO, therefore, rejected the trading results declared by the assessee and made an addition of Rs. 14,850 by adoption of gross profit rate of 13 per cent which was confirmed by the Commissioner (Appeals). 3. The assessee has come up in further appeal before us and the learned counsel for the assessee vehemently urged that the assessee had maintained regular books of account including manufacturing and production account. He urged that the mere fact that the assessee had not maintained day-to-day stock particulars of Bidi leaves should not have been a reason for rejection of the trading resul....

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....oner (Appeals). The assessee originally filed estimate for payment of advance tax on 15th September, 1971 showing income at Rs. 10,000. Subsequently it filed a revised estimate on 10th Mar, 1972 showing income of Rs. 40,000. The assessee filed Return on 13th September, 1972 showing income at Rs. 47,686 and it was finally assessed on an income of Rs. 50,050. According to the ITO, the estimate filed on 10th March, 1972 should have been filed by 15th February, 1972. On this ground as also on the ground that the assessed income was in excess of the returned income, the ITO came to the conclusion that the assessee was liable to penalty. He, therefore, imposed a penalty of Rs. 10,000 under section 273. 6. When the matter went to the Commission....