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10% GP Addition Enough on Unverified Cash Sales – ITAT Reduces Rs.1.50 Cr to 15 Lakh
Case Law Details
- Case Name
- Pawan Kumar Agarwal Vs ACIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Delhi
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Pawan Kumar Agarwal Vs ACIT (ITAT Delhi)
10% GP Addition Enough on Unverified Cash Sales – ITAT Reduces Rs.1.50 Cr to Rs.15 Lakh- Stock & Cash Belonging to Sons’ Firm Not Taxable in Father’s Hands: ITAT Delhi
The appeals before Tribunal comprised cross appeals filed by Pawan Kumar Agarwal, proprietor of M/s Supreme Gold & by Revenue against the order of CIT(A) dated 19.10.2023.
A survey was conducted at Assessee’s premises on 20.07.2015 which was subsequently converted into a search. Cash of Rs.4.78 crore was found along with records of bullion transactions. In assessment frame...
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