Income-Tax Officer, Lucknow vs M/S. S.B. Singhar Singh & Sons & Anr on 17 August, 1976
erred in not allowing adjustments on account of the
increase and decrease of capital in the relevant
chargeable accounting period. The assessee added
that ... worked out by the
application of a rate to the turnover. I am, thus,
unable to allow this contention."
Aggrieved, the assessee carried appeals