Inventory Software Not Equal to Unaccounted Income: ITAT Restricts Profit to 2.5%

Mohanlal Jewellers Pvt Ltd Vs DCIT (ITAT Chennai) Inventory Software Not Equal to Unaccounted Income: ITAT Relief to  Jewellers- Profit on Unaccounted Sales Restricted to 2.5% Assessee is engaged in manufacture & wholesale trading of gold bullion & jewellery, besides providing making/job-work services. Pursuant to a search u/s 132, electronic data was seized from a customised software named “J-Pack”, which allegedly recorded both accounted & unaccounted transactions.  AO treated the entire data as undisclosed & made huge additions on account of ‘Ghat’ ledger, ‘MC Kh...