Addition confirmed, in trading results should be allowed to set off against unaccounted income introduced in garb of cash deposits

HIGH COURT OF GUJARAT Commissioner of Income-tax-III Versus Megha Industries TAX APPEAL NO. 361 OF 2011 AUGUST 9, 2012 JUDGMENT V.M. Sahai, J. – This Tax appeal has been filed on the following three proposed substantial proposed substantial questions of law. “(A)  Whether the Appellate Tribunal is right in law and on facts in reducing the gross profit addition from Rs. 2,70,829/- to Rs. 75,916/-?” (B)  Whether the Appellate Tribunal is right in law and on facts in deleting addition of Rs. 75,916/- on account of unsecured loan ? (C)  Whether the Appellate T...