Held that when there is suppression of both purchases and sales only gross profit alone to be assessed and not entire suppressed sales.. Disallowance of prior period expenses is justified. As regards sundry creditors, matter remanded. (AY. 2010-11, 2011-12, 2015-16)
APS Steel Pvt. Ltd v. ITO (2021) 91 ITR 25 (SN) (Bang.)(Trib.)
S. 143(3) : Assessment-Income from undisclosed sources-estimate of income-Suppression of both purchases and sales-Gross profit alone to be assessed and not entire suppressed sales.-Prior period expenses-Disallowance is justified-Sundry creditors-Matter remanded. [S. 37(1), 69]