Proceeds of cash sales deposited in bank- addition unjustified

Advertisement Polepalli Srinivasulu Gupta Vs DCIT (ITAT Visakhapatnam) Assessee consistently deposited sale proceeds realized by way of cash, such deposit is in accordance with law, addition deleted Facts- AO considered the seized material during the search operation and also deposition of the assessee u/s 131(1A) wherein the assessee has admitted unaccounted sales of Rs. 31,64,40,122/-. AO didn’t considered either the net profit as adopted by the assessee in the deposition u/s 131(1A) or as per ROI filed by the assessee for the previous years. However, while framing the assessment, AO ad...