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Amount declared as turnover cannot be called concealed income & taxed twice
Case Law Details
- Case Name
- Raj Kumar (M/s Radhika Sales Corp) Vs ITO (ITAT Amritsar)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-2018
- Courts
- All ITAT, ITAT Amritsar
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Raj Kumar (M/s Radhika Sales Corp) Vs ITO (ITAT Amritsar)
AO has no right to calculate sales on hypothetical basis ignoring the evidence submitted during the course of assessment proceedings. Once the amount is declared as turn over cannot be called concealed income and be taxed doubly on same amount. The addition U/s 68 is beyond jurisdiction of the ld. AO as the turnover is already reflected in the books of the assessee.
ITAT heard the rival submission and relied on the documents available in the record. That the ld. A.O. had not disputed, the purchases, quantitative stock and sales for the...
