Dismissing the appeal of the assessee the Court held that; Tribunal is justified confirming the addition based on the confessional statement of the assessee ’s brother who is an employee of the assessee. Court also held that gross profit shown was much lesser than profit in said line of business and the assesee has failed to produce stock register. (AY. 2009 10)
Pradeep Kumar Biyani v. ITO (2019) 101 Taxman 130 / 260 Taxman 299 (Guj.)(HC) Editorial : SLP of assessee is dismissed, Pradeep Kumar Biyani ( 2019) 260 Taxman 298 (SC)
S. 69C : Unexplained expenditure–Survey-Confessional statement of assessee’s brother who is an employee of the assessee–Gross profit shown was much lesser than profit in said line of business- Unaccounted receipts–Addition of sales instead of net profit thereon – Failure to provide stock register-Addition is held to be justified. [S. 133A]