Dismissing the appeal of the revenue the Tribunal held that ;though the books of account is rejected entire gross receipts cannot be assessed as income, only net profit embedded in unaccounted receipts to be taxable as income. (AY. 2014-15)
DCIT v. Mehul T. Desai (2019) 174 ITD 584 (Surat)(Trib.)
S. 144 : Best judgment assessment-Unaccounted receipts–loose papers – Search –Only net profit to be added as income and not gross receipts. [S. 69A, 145]