Parallel Tally Data Exposes True Income – ITAT Upholds 153A, Rejects Books & Sustains Major Additions

Shri Ambica Garments Vs ACIT (ITAT Jaipur) In a search conducted on 01.10.2018 in the Karnani Group, the Department found a parallel Tally data named “Jai Shree Ram” in the case of Shri Ambica Garments &  its proprietor Shri Sanjay Kumar Karnani. This seized data reflected much higher sales, purchases, capital &  loans than what was disclosed in the regular audited books. Based on this, assessments u/s 153A were made for six years each, rejecting the regular books &  making additions towards higher gross profit, unexplained capital, unsecured loans &  income of sister c...