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M.A.A.KHAN, J.K.VERMA
Badhar Khan – Appellant
Versus
Deputy Commissioner – Respondent
Per Shri M.A.A. Khan, JM. - This is an appeal by an assessee from the order of Commissioner of Income-tax (Appeals) Rajasthan-I. Jaipur dated 11-2-1982 confirming the order passed by the Deputy Commissioner (Asst.) under section 154 of IT Act, 1961 [hereinafter referred to as the Act) rejecting assessee’s application for modification of the adjustments made under section 143(1) of the Act.
2. The assessee, assessed in the status of Association of Persons (AOP). returned its income from its country made liquor business and Rum Business (IMF) at Rs. 50,05,190 for A.Y. 1990-91. Income at the above mentioned figure had been calculated in the following manner :—
| (a) Country liquor business | | |
| Total purchase price | Rs. | Rs. |
| issue price | 43,63,871.12 | |
| Empty Bottles & Capsuling | | |
| 69,73,326.60 | | |
| Sales Tax | 33,544.50 | |
| | 1,13,70.742 | |
| Profit @ 40% under section 44AC | | |
| 45,48,296 | | |
| But profit as per books being 5187048 being more taken for tax purposes | | |
| | | |
| | | |
| | 51,87,048 | |
| (b) Rum Business (IMF) | | |
| Loss as per computation | | 6,20,092 |
| | | 45,66,95 |
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