Assessment was completed without examination of books of account: ITAT remands back the matter

Dinesh Saha Vs ITO (ITAT Kolkata) Assessment was completed by making additions of Rs. 5,47,443/- by estimating enhancement in profit (which is the difference between Gross profit @1.37% of turnover and net profit declared by assessee), Rs. 30,01,129/- u/s 68 on account of unverified sundry creditors and Rs. 56,45,000/- u/s 69A on account of cash deposited during the demonetization. CIT (A) confirmed the additions made by the AO. It was argued on behalf of the assessee that once the gross profit/net profit has been enhanced through an estimation without rejecting the books of accounts, then no ...