Department Cannot Selectively Rely on Seized Documents: ITAT Pune

Garware Technical Fibres Limited Vs DCIT (ITAT Pune) Department cannot consider part of seized document which suits it and ignore other part: ITAT Pune ITAT Pune held that the seized documents are to be considered as a whole and the department cannot consider a part of the seized documents which suits it and ignore the other part that does not suit it. Thus, rejection of unaccounted cash expenditure not justified. AO directed to adopt net profit ratio to derive profit on account of unaccounted cash receipts. Facts- A search and seizure action u/s.132 of the Act was conducted in the assessee...