The AO has made addition of entire undisclosed sales.CIT(A) estimated the profit at 8 per cent of sales. On appeal the order of the CIT(A) is affirmed and cross objection of assesse is allowed to give credit to income surrendered against estimation of income. (AY.2019-20)
ACIT v. Conor Granito P. Ltd. (2024)116 ITR 479/ 159 taxmann.com 1209 (Rajkot)(Trib)
S. 143(3): Assessment-Search and seizure-Undisclosed sales-CIT(A) restricted profit element at 8 per Cent of sales-Credit to be given to income surrendered. [S. 132]