Unaccounted Liquor Sales—Profit to Be Estimated, Not Gross Receipts Taxed: ITAT Chandigarh

Kapil Gupta Vs ACIT (ITAT Chandigarh) Unaccounted Liquor Sales—Profit to Be Estimated, Not Gross Receipts Taxed: ITAT Chandigarh Restricts Additions, Deletes Multiple 69A/69 Addition The Chandigarh ‘B’ Bench of the Income Tax Appellate Tribunal, Chandigarh Bench partly allowed a batch of four appeals filed by Shri Kapil Gupta for AYs 2020-21 to 2023-24, arising out of search proceedings in the Himgiri Beverages group, and granted substantial relief by rationalising additions on commercial principles. A search u/s 132 on 04.11.2022 resulted in seizure of three personal diaries (Annexures ...