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 132 conducted on assessee’s premises some loose papers and documents were seized . Assessee was unable to satisfy the lower authorities t...