Case Law Details
Case Name : Polepalli Srinivasulu Gupta Vs DCIT (ITAT Visakhapatnam)
Related Assessment Year : 2011-12
Courts :
All ITAT ITAT Visakhapatnam
Become a Premium member to Download.
If you are already a Premium member, Login here to access.
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 m...
This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Kindly Refer to
Privacy Policy &
Complete Terms of Use and Disclaimer.
Author Bio
An Eye opening case, in which consistancy has been upheld by ITAT .