Profit Element in Unexplained Sales is to be treated under undisclosed Income: ITAT [Read Order]
The ITAT observed that CIT(A) has failed to give the benefit of the income surrendered by the assessee voluntarily against the addition confirmed by him on account of unaccounted sales
The Rajkot Bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the profit element in unexplained sales is to be treated under undisclosed income under the Income Tax Act, 1961. The ITAT observed that CIT(A) has failed to give the benefit of the income surrendered by the assessee voluntarily against the…
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