Entire Unaccounted Sales Cannot Be Taxed as Only Profit Element Is Assessable: ITAT Delhi

Al-Aali Exports Pvt Ltd Vs DCIT (ITAT Delhi) The Delhi Income Tax Appellate Tribunal (ITAT) partly allowed four appeals filed by the assessee relating to Assessment Years 2020-21 to 2023-24 concerning additions made on account of alleged unaccounted sales of buffalo meat products. The additions arose from a search conducted on 03.01.2023. For Assessment Years 2020-21 and 2021-22, the Tribunal observed that the additions were made solely on the basis of extrapolation without any seized material or evidence discovered during the search or subsequent inquiries. Relying on judicial precedent, the ...