Y. BRAHMIAH Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) THESE three appeals are by the same assessee covering the Assessment Years 1990 -91, 1991 -92 and 1992 -93.

(2.) THE appellant is a trader in timber and apart from that, he has got other sources of income. He submitted returns for the three Assessment Years referred to above. For the first year, he declared the income of Rs.29,310/ - on the basis of the profit and loss account. For the subsequent two years, he invoked the facility under Section 44AC of the Income Tax Act, 1961 (for short the Act) and has shown the income of Rs.2,24,500/ - and Rs.1,56,087/ - respectively. The expenditure of Rs.1,53,428/ - and Rs.1,11,079/ - respectively were shown for those two years.

(3.) HEARD Sri A.V.Shiva Karthikeya, learned counsel for the appellant and Sri S.R. Ashok, learned Senior Counsel for the respondent.