1983 (1) TMI 132

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....evied u/s 271 (1) (CIT) by the ITO vide his order dt. 28th March 1980. 2. The assessment in this case was completed at a total income of Rs. 15,708 vide order dt.31st March 1978. The assessed income included a sum of Rs. 3,221 constituted of Rs. 1,241 and Rs. 1,980. Rs. 1,241 is the difference mainly arising out of the fact that the assessee having drawn goods account non-taxable, trading accou....

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....ure as the figure of gross profit. It was submitted that no man of ordinary prudence would try to project to an expert the figures which are apparently wrong and believe that he will accept it. This submission was made to emphasise that in taking the figure of closing stock as the figure of gross profit, there was no intention involved. In regard to the other amount of Rs. 1,980, it was submitted ....

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....g that the assessee had furnished inaccurate particulars and had not come to a decision that inaccurate particulars filed by the assessee were that of the income escaped assessment. 7. After careful consideration of the rival submissions, it appeals to me that showing G.P. at Rs. 6,969 instead of Rs. 8,204 is inadvertent because the trading account and the profit and loss account were both subm....