The assessee, a dealer in food grains and a commission agent, claimed that a substantial portion of its turnover represented consignment sales on which no commission was charged as the consignors were petty agriculturists. The Tribunal found that the parties to whom consignment sales were allegedly made were the same parties with whom regular sales were effected, and no evidence of commission receipts or any documentary material was produced to substantiate the explanation. The explanation was held to be devoid of merit, and the Commissioner (Appeals) was justified in treating the consignment sales as suppressed sales. However, only the gross profit embedded in such suppressed sales could be assessed as income, and 20% of the suppressed sales could be treated as undisclosed investment for making the corresponding purchases, and not the entire sale proceeds. (AY. 2015-16)