On reference the Court held that  the assessee’s books of account, trading account and the stock had been found to be within the satisfaction of the authorities and the  Assessing Officer had accepted them. The wastage of 13.04 per cent. shown by the assessee had been held to be higher than the wastage shown for the previous year, i. e., 8.66 per cent. That the stock production and consumption records were maintained under the supervision of the Excise authorities and there was no objection raised with regard to the stock. The Assessing Officer had not objected to the total stock maintained and could not have proceeded on a presumption alleging higher wastage shown by the assessee. Addition affirmed by the Tribunal is deleted.  As regards the addition of profit under section 41(2) on the sale of copper wire, the assessment order and the explanation given by the assessee showed that the assessee had explained each and every question of the Assessing Officer. The reasoning given by the Assessing Officer for such an addition was found to be contrary to the facts. The Tribunal had erred in assessing the additions made by the Assessing Officer.(AY. 1983-84)