Tribunal held that as regards Unrecorded sales, only gross profit is estimated. As cash deposited in banks when profit is estimated further addition is deleted. Reassessment is held to be valid. (AY. 2010-11, 2011-12)
ITO v. Rutuja Ispat (P) Ltd (2023) 225 TTJ 1000 (Pune)(Trib)
S. 69 : Unexplained investments-Unrecorded sales-Only gross profit is estimated-Cash deposited in banks-When profit is estimated further addition is deleted-Reassessment is held to be valid. [ S. 147, 148]