Only Profit Element in Sale can be treated as income not the Entire sale consideration

Shri Nikhil Garg Vs ITO (ITAT Jaipur) In this case The A.O. completed the assessment u/s 143(3) of the Income Tax Act, 1961 (in short, the Act) vide order dated 27.12.2011 after making lump sum addition of Rs. 80,000. Against the order of the A.O., no appeal was preferred by the assessee before the ld. CIT(A). During the course of audit of case, the Audit Party of I.T. Department observed a difference of Rs. 66,35,957/- between the total turnover declared in the Profit & Loss Account and Sales Tax Assessment Order, hence, order u/s 263 of the Act was passed on 19.02.2014 by the ld. CIT- (A...