Case Law Details
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 adopted the gross margin of the assessee as per P&L account.
Additions were also made u/s 69A on account of cash deposits made during the demonetization period.
Please become a Premium member. If you are already a Premium member, login here to access the full content.
Author Bio
An Eye opening case, in which consistancy has been upheld by ITAT .