Applying NP rate of 2% based on earlier rates on suppressed receipts justified

Indus Holidays & Tours India (P) Ltd. Vs ACIT (ITAT Indore)

Conclusion: AO was not justified in adding the entire suppressed receipts after rejection of books of accounts while making assessment u/s 153A as CIT(A) was fair enough to apply 2% of net profit rate on the alleged suppressed receipts by taking basis of net profit rate disclosed by the assessee for various assessment years which ranges from 0.5% to 2.05%.

Held: During the course of search u/s

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