NAVJIVAN OIL MILLS Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE Tribunal, Ahmedabad Bench, "B" has referred the following two questions for the opinion of this Court.

(2.) THE assessee is a registered firm. The assessment year is 1973 74 and the relevant accounting period is S.Y. 2028. On 28th Aug., 1973, the return of income showing total income of Rs. 27,213 was filed by the assessee firm.

(3.) ACCORDINGLY , the assessment was framed on total income of Rs. 60,214, wherein the ITO added Rs. 20,000 towards concealed capital and Rs. 13,000 as being probable profit at 5 per cent on estimated sales of Rs. 2,60,000.