HC upheld addition of 0.5% of Turnover in case of Entry Operator

Anil Kumar Vs CIT (Punjab and Haryana High Court) Brief factual matrix emanating from the pleadings on record are that the appellant who claims to be in the business of trading as a wholesaler had filed return of income declaring taxable income of Rs.3,46,070/- for the assessment year 2013-2014. Upon perusal of the bank accounts the Assessing Officer noticed that the appellant had made huge cash withdrawal which indicated that he was an entry operator. It was also found that the appellant had purchased goods from 21 firms whose addresses were either found to be not existing or such firms had r...