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In case of unaccounted sales only profit therefrom can be taxed
Case Law Details
- Case Name
- Nawal Kishore Soni Vs ACIT (ITAT Jaipur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16 to 2017-18
- Courts
- All ITAT, ITAT Jaipur
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Nawal Kishore Soni Vs ACIT (ITAT Jaipur)
It is evident from entries found in cash book of Ram Kumar Soni and from statement recorded from assessee in course of survey that assessee purchased gold in period of demonetization which was obviously for sale to persons on receiving cash from them as the same is normal practice of gold trade. The gold purchased in period of demonetization was towards agreed sale to persons on receiving amount therefor from those persons. Thus the source of payment to Ram Kumar Soni for purchase of gold is out of amount received from its sales and so ...
Author Info
UNDER SAME CIRCUMSTANCES IN FY.2022-23, EVEN IF ONLY GROSS PROFIT IS TAXED ON DECLARED SALES. BUT WHETHER DEEMED PURCHASES CO WILL BE TRATED AS UNEXPLAINED EXPENDITURE?