KRISHNA GUPTA Vs. ASST COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) PRESENT appeal has been filed by the Assessee against the impugned order dated 12th February, 2004 passed by Income Tax Appellate Tribunal, Delhi Bench "c" (for short as "tribunal") in ITA No. 145/del/1998 relevant for the assessment year 1992-93.

(2.) THE short facts relevant for the disposal of this appeal may be summed up as under that the Assessee was running a Proprietary Business under the name and style Studio Saket dealing in photographic films and still photography. During the impugned assessment year, the Assessee had declared its gross profit at 1. 5% on the sale of photographic films at Rs. 8,98,56,016 to its registered dealers.

(3.) DURING the course of assessment proceedings, the Assessing Officer issued summons under Section 131 of the Income Tax Act, 1961 (for short as "act") to the aforesaid registered dealers to whom the sales were made requiring them to appear along with the books of accounts, supporting bills, vouchers, bank pass books etc. , but the summons received back unserved as the respective parties were not in existence at the given addresses. The Assessee was, therefore, asked to produce these parties and also to furnish copies of the ledger accounts of these parties, bank statements, month-wise purchase and sales. It was, however, contended that the Assessee made these sales to the registered dealers in cash.