Only Profit Margin on Unrecorded Sales Taxable Under Section 69A: ITAT Nagpur

Advertisement DCIT Vs Radhika Vegetables Oils Pvt. Ltd. (ITAT Nagpur) The ITAT Nagpur dismissed the Revenue’s appeal and upheld the order of the CIT(A) restricting addition on unrecorded sales to the gross profit element instead of taxing the entire amount under Section 69A of the Income Tax Act. The assessee, a private limited company engaged in manufacturing palm oil, filed its return for AY 2022-23 declaring income of ₹5.35 crore. Following a search and seizure action under Section 132 conducted at the assessee’s group on 25.08.2021, certain loose papers and note-pads were seized. ...