Suppression in Net Sales assessable as Business Income & not under Section 68

DCIT Vs A2Z Powercom Ltd. (ITAT Delhi) On perusal of the assessment order, we find that there was a search in the case of A2Z Group and in the course of search it was found that assessee was maintaining two sets off books of accounts. When it was confronted with Shri Amit Mittal, the promoter of the Company, he accepted that there were two sets off books of accounts and accordingly he surrendered the suppression of sales to the tune of Rs. 15,65,53,738/-. This amount was considered as deemed income u/s 68 by the AO while computing the assessment. He also did not allow set off of loss against t...