CIT Vs. SUNIL TALWAR MURLIDHAR PARTY

JUDGEMENT

(1.) HEARD learned counsel for the parties.

(2.) THE Income Tax Appeal Nos. 39 of 2004 and 48 of 2004 arise out of the order passed by the Tribunal, Jodhpur Bench, Jodhpur, dated 15 -7 -2003, deciding the cross -appeals filed by the revenue as well as by the assessee relating to assessment for the assessment year 1994 -95. Hence, they are being heard and decided together.

(3.) THE assessing officer vide his order dated 30 -9 -1996, has made additions of Rs. 28,40,586 to the net income from the business of country liquor by adopting estimated NP rate or cost incurred by the assessee and Rs. 23,77,744 in case of IMFL as a result arrived at by applying GP rate to an estimated turnover by taking figures of the cost price and the estimated gross rate of profit at the rate of 18.50 per cent. Thus, addition of Rs. 52,18,330 was made in the result declared by the assessee on the aforesaid two counts.