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Case Law Details

Case Name : ACIT Vs. Surjeet Kaur (ITAT Delhi)
Related Assessment Year : 2006- 07
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The assessee is engaged in the business of trading in chemicals. The sales shown in the Profit & Loss Accounts were Rs. 3,15,85,478/- and against that purchases were shown as Rs. ,93,31,117/- on which gross profit of Rs. 7.95% was declared. The assessee was required to submit month-wise details of sales and purchases according to which the total sales were reported at Rs. 3,22,81,924/- and purchases were reported at Rs. 3,04,17,709/-. Thus, it was observed by the Assessing Officer that there was a difference of Rs. 6,96,447/- in the sales and Rs. 10, 86,596/

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