Only net result of unaccounted purchases & sales is taxable

J.K. Ramesh Gandhi Vs DCIT (ITAT Chennai)

A survey u/s.133A of the Act, was conducted in the business premise of the assessee. During the course of survey, unaccounted purchases & unaccounted sales were noticed. The assessee had admitted unaccounted purchases & unaccounted sales and also offered gross profit on unaccounted sales as income for the AYs 2015-16 to 2017-18 and filed revised return and also paid taxes. The AO, once again, made addition towards unaccounted purchases on the ground that source was not explained. We do n

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