9911796707
TMI Blog2019 (2) TMI 1270X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the impugned turnover represents both cost of material as well as income component. The Revenue fails to rebut the fact that the assessee’s accepted profit margin as per records is @ 4% only. The CIT(A) has precisely adopted the said margin only to be assessee’s undisclosed income. We hold in these peculiar facts and circumstances that the learned lower appellate authority has neither committed any illegality nor irregularity in adding only the profit element in undisclosed turnover to be income of the impugned assessment year. We therefore decline Revenue’s both quantum appeals - ITA No.2436, 2343-2344/Kol/2016 - - - Dated:- 20-2-2019 - Shri S.S.Godara, Judicial Member And Dr. A.L. Saini, Accountant Member For the Assessee : Mi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the AO. While adding so the AO has observed that the assessee had shown gross sales of ₹ 36,50,000/- in is return. But during the course of survey assessee himself disclosed on oath dated 07-01-2012 that his turnover was ₹ 1.5 cr for the assessment year 2011-12. On the basis of above the AO worked out suppressed dale of ₹ 1,13,50,00/- (Rs.1,50,00,000/- - ₹ 36,50,000/-) and entire suppressed turnover was made as an income of the appellant under section 68 of the IT Act. Here it is mentioned that though in the body of the order the AO has calculated the addition to the tune of ₹ 1,13,50,000/- but in the computation he has added only ₹ 1,13,00,000/-. This mistake is taken into consideration while deciding t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nting assessee s entire turnover including capital disclosed during the course of survey. There is no dispute that this assessee is a commission agent / wholesaler in onion agricultural produce. The argument raised at the department s behest is that of treatment of entire turnover amounting to ₹1,13,00,000/- as undisclosed income of the taxpayer s. We find no merit to agree with the Revenue s instant sole substantive ground. The fact remains that this assessee deals with very highly unorganized business sector is an admitted fact. And also that the impugned turnover represents both cost of material as well as income component. The Revenue fails to rebut the fact that the assessee s accepted profit margin as per records is @ 4% only ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
