BAJAJ STEEL TRADERS Vs. INCOME TAX APPELLATE TRIBUNAL

JUDGEMENT

(1.) THIS appeal has been preferred by the assessee against the order passed by the Tribunal, Amritsar Bench, Amritsar in substantial questions of law :

(2.) THE assessee filed his return for the asst. yr. 1990 -91. During the assessment, the AO noticed that day -to -day opening of stocks as well as closing stock had not been worked out; there was difference in the stock inventory figures as well as figures shown in the stock register; the assessee had sold certain items at rates lesser than the purchase price on same day.

(3.) THE AO, accordingly, proceeded to make estimate of sales at Rs. 35 lakhs as against sales shown at Rs. 33,89,397. The AO applied the GP rate of 8.5 per cent as against 6.99 per cent declared by the assessee, considering the GP rate declared by the assessee during previous years. The AO made certain additions. On appeal, the assessee has been given partial relief.