10% GP Addition Enough on Unverified Cash Sales – ITAT Reduces Rs.1.50 Cr to 15 Lakh

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...