Dismissing the appeal of the revenue the Court held that the Tribunal was justified in restricting the addition made by the Assessing Officer under section 68 to 2 per cent. of the total credits. The Tribunal had found that the computation of profit at the rate of 8 per cent. of the turnover was without any basis or materials on record. The order of the Tribunal is affirmed. (AY. 2003-04)
PCIT v. Shitalben Saurabh Vora (2021) 430 ITR 253 (Guj.)(HC)
S. 143(3) : Assessment-Cash credits-Unexplained money-Estimation of profit-Estimation of profit too 2 Per cent of total credits held to be justified. [S. 68, 69]