KESARIMAL SOHANRAJ Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS is an application filed under Section 256(2) of the Income-tax Act, 1961, requesting this court to direct the Income-tax Appellate Tribunal to state a case on the following question of law:

(2.) THE material facts are: THE petitioner, who is carrying on wholesale and retail business in brass-ware and stainless-steel, for the assessment year 1962-63 declared his business income at Rs. 4,866. THE accounts were not closed and the stocks at the commencement and closing of the relevant accounting year were not taken. THE net profit of Rs. 4,866 was returned by the assessee on the basis of an estimate of gross profit on a turnover of Rs. 96,814 at 10% and after deducting overhead expenses therefrom amounting to Rs. 8,415.

(3.) BEFORE the Income-tax Appellate Tribunal, the assessee contended that: