Only profit embedded in undisclosed turnover can be brought to tax

Advertisement Alokik Steels Pvt. Ltd. Vs PCIT (ITAT Jaipur) The question that still looms large is where the assessee has disclosed gross profit of 3.11% on Rs.1,77,95,858/- and which has been accepted by the AO, how the order so passed by the AO is held as erroneous and prejudicial to the interest of Revenue by the ld Pr CIT as to whether rate of gross profit so declared and accepted is erroneous or the quantum of unaccounted turnover so declared and considered by the AO is erroneous and thus prejudicial to the interest of Revenue. In this regard, we refer to the contention advanced by the...