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TMI Blog2019 (1) TMI 1939X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee it is with regard to unrecorded sales for which the judicial view is absolutely clear that only profit to be taxed in these cases. Therefore, taking entire facts into consideration and the judicial pronouncements placed herein above before us, we hold @10% GP of undisclosed sales to be added to the income of the assessee. - Stay Application Nos. 11 to 13/RPR/2018 (Arising out of ITA Nos. 71 to 73/RPR/2018) - - - Dated:- 18-1-2019 - Anil Chaturvedi, Member (A) And Partha Sarathi Chaudhury, Member (J) For the Appellant : R. B. Doshi For the Respondents : R. P. Namdeo ORDER Per Partha Sarathi Chaudhury, JM These bunch of stay applications and the appeals have been filed by the assessee. 2. At the time ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aring No. 07341930001939 with HDFC Bank Supela Bhilai and a large amount of deposits worth ₹ 5,26,400/- was found in the above account on various dates during the F.Y. 2008-09 relevant to A.Y. 2009-10. During the course of investigation the statements of Shri Pitamber Reddy and Shri Kapil Gulati S/o. of the assessee Smt. Shashi Gulati was recorded. In the statement recorded Shri Pitamber Reddy stated that he was an employee of Gulati Udyog which is a proprietorship firm of the assessee dealing in manufacturing of coal tar by products and sales thereof and the amounts deposited in the above mentioned bank accounts pertain to Gulati Udyog only. Further, in the statement of Shri Kapil Gulati when asked for regarding the above transaction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eri Diamonds Vs. CIT reported in 25 taxmann.com 552 (SC) while confirming the action of the Assessing Officer. 7. The Ld. AR of the assessee at the time of hearing vehemently argued that there is no dispute, deposits in the bank account of Shri Pitamber Reddy, an employee of the assessee pertains to the assessee and it is also not disputed that Shri Kapil Gulati, son of the assessee has admitted in his statement that the transactions were not recorded in the books of account of the assessee and that deposits represents sale proceeds which were unrecorded in the books of account. The Ld. AR of the assessee submitted that once the receipt is accepted as unrecorded sales, the profit element embedded in the sales only is to be added and not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r, account holder, Shri Pitamber Reddy has also deposed before the Department that the account pertains to the assessee. With all these facts, the Ld. DR prayed that the addition should be sustained. 10. We have perused the case records and heard the rival contentions. We also analyzed the facts and circumstances in this case. The Revenue has find out deposits made in the bank account was from unrecorded sales and this is not disputed. With regard to this proposition, the judicial pronouncements placed before us for consideration of various High Courts, the ruling of law is absolutely clear that whenever it is accepted that the deposits are from unrecorded sales or from sales which are not recorded in the books of account then the entire ..... X X X X Extracts X X X X X X X X Extracts X X X X
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