Turnover Suppression Found, But Only Profit Element Taxable: ITAT Patna

Pan Tutorials Private Limited Vs CIT (Appeals) (ITAT Patna) Suppressed Turnover Cannot Be Added in Full: ITAT Patna Directs GP Addition on Estimated Receipts Excluding GST The Patna Bench of the ITAT partly allowed the assessee’s appeal for AY 2018-19 arising from a survey u/s 133A conducted in the case of a coaching institute. Based on the survey, the Assessing Officer estimated gross receipts at ₹2.00 crore as against ₹1.19 crore disclosed, and treated the difference of ₹81.16 lakh as undisclosed income. The CIT(A) upheld the addition. The Tribunal observed that while the assessee fa...