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Undisclosed sales – Only profit can be added when purchases are recorded
Case Law Details
- Case Name
- M/s Murlidhar Deendayal Vs ITO (ITAT Jaipur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All ITAT, ITAT Jaipur
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Murlidhar Deendayal Vs ITO (ITAT Jaipur)
In respect of undisclosed sales only profit can be added when purchases are recorded but sales is undisclosed. For this purpose, reliance is placed on the following judicial pronouncements:
(i) CIT v/s President Industries (2000) 158 CTR 372 (Guj)
(ii) Bansal Rice Mills v/s ITO (2001)72 TTJ 1 (Chd) (TM).
In this regard, I also observe that the impugned addition made and confirm is solely based on the statement of the assessee without any corroborative evidence.
The Coordinate Jaipur Bench of ITAT has already been taking this view in the case of ITO vs. ...
