Estimation of profit on suppressed sale – ITAT upheld amount determined by Excise Dept

JCIT Vs Simalin Chemical Industries Pvt. Ltd. (ITAT Ahmedabad)

he basis of making the addition on account of undisclosed income of the assessee was the cash found during the course of search proceedings by the excise department. There was the physical cash found by the excise department during the course of search amounting to ₹ 2,28,24,780/- which was admitted by the assessee before the income tax Department as income from undisclosed sources. However, the excise department subsequently calculated the suppressed sales. Ac

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