Profits Cannot be equated with Cash in hand: ITAT Pune

Gousmahammad Anwar Gavandi Vs. ITO (ITAT Pune)

Profits cannot be equated with cash in hand because the source of cash can be from cash sales or advances etc

Assessee, proprietor of Gavandi Tobacco Center, engaged in resale of tobacco products, filed return declaring income of ₹7,41,470 for AY 2020-21. On 16.04.2019, the Flying Squad of the Election Commission seized cash of ₹74,13,760/- from his possession. During enquiry u/s 131, assessee initially denied knowledge but later his brother Ganiahemad Gavandi admitted that the money belonged to five family

Please become a Premium member. If you are already a Premium member, login here to access the full content.