Instead of gross receipt only net profit of receipt to be treated as undisclosed income

DCIT Vs Yagneshkumar Gandhi (ITAT Ahmedabad) ITAT Ahmedabad held that addition of entire amount as unaccounted sales not justified since undisclosed income is required to be computed on the basis of principle of real income. Accordingly, addition of only net profit of such receipt confirmed. Facts- The assessee is an individual and Proprietor of M/s. Astamangal engaged in the business of manufacturing of gold chain jewellery, retail and wholesale trading of gold jewellery. There was a Survey action u/s. 133A of the Act was carried out in the case of the assessee along with other jewellery grou...