Extrapolating Unaccounted Sales Without Evidence is Flawed: ITAT Bangalore

DCIT Vs Kanva Diagnostic Services Pvt. Ltd (ITAT Bangalore) A search was conducted u/s 132   at the premises of the assessee, a diagnostic services company. During the search Revenue found that the assessee was using a billing software (Power Lab) that had a special billing series called “V” series. This series was used to record certain cash transactions which were not entered into regular books of account. Only a few employees had access to this “V” series & the records were regularly deleted. Cash collected under this series was handed over directly to the MD & was not r...