No Addition for Unaccounted Sales without Cogent Material

ITO Vs Govinda Jewellers (ITAT Visakhapatnam) The admitted facts are that the assessee admitted unaccounted sales of Rs. 3,10,69,693/- made during the period 6/11/2016 to 8/11/2016 at the time of survey u/s. 133A of the Act. The Assessing Officer has made an assessment that this amount of sales is out of the separate unaccounted purchases made by the assessee and therefore the assessee had agreed to admit this amount at the time of survey. We note from the records available before us that there is no material evidence for the unaccounted purchases for effecting the sales of Rs. 3 Crores that w...